FinancialsAug 13, 2026
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Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong Sales
The jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
A pair of 14-karat yellow gold and diamond drop earrings from Blue Nile’s “Ellipse” collection ($3,400). The Signet Jewelers-owned brand posted strong sales in the second quarter.
Akron, Ohio—Signet Jewelers Ltd. is heading into the holiday season with a positive outlook after a promising second quarter, raising its full-year same-store sales guidance.
For the quarter ended Aug. 1, Signet’s sales totaled $1.53 billion, down slightly year-over-year from $1.54 billion in the prior year period.
Same-store sales ticked up 2 percent.
Gross margin was $602.4 million, or 39 of sales, up 80 basis points year-over-year.
Signet said the gross margin improvement was due to the approximately $15 million in tariff refunds it received, which was higher than expected, as well as lower inventory and distribution costs, with some offset from higher gold costs.
Operating income was $87.5 million, or about 6 percent of sales, compared to $2.8 million, or 0.2 percent of sales, in the prior year period.
Adjusted operating income was $107.2 million, or 7 percent of sales, compared to $85.4 million, or about 6 percent of sales, in the same period last year.
“We delivered another quarter of comp sales growth with a positive comp performance in all fine jewelry brands,” Signet Jewelers CEO J.K. Symancyk said in a press release.
Merchandise average unit retail (AUR), meaning the average selling price for its products, was up 6 percent year-over-year, with growth in both bridal and fashion jewelry as well as timepieces and services.
Symancyk said unit sales growth was in the high single digits for its higher price-point jewelry, a trend it noted in the previous quarter.
On an earnings call Wednesday morning, he said the company is being “intentional around the opportunity we see at higher price points, particularly in natural diamonds in both fashion and bridal.”
Its Blue Nile brand is being reframed as a natural diamond-focused jeweler that, hopefully, appeals to higher-income consumers.
Signet announced in May that it inked a deal to purchase The Clear Cut, the online-only jeweler known for its natural diamond advocacy and strong social media presence, and will integrate it into Blue Nile.
The retailer is “doubling down” on the Blue Nile brand, Chief Operating and Financial Officer Joan Hilson said on the call.
It plans to transition more of the Blue Nile showrooms into full-service stores, she said, with an increased availability of merchandise, particularly new collections.
Blue Nile posted 10 percent year-over-year sales growth this quarter, she added.
The brand soon will announce a new luxury partnership, which will “reinforce the rarity and enduring value of natural diamonds,” Hilson said.
Related stories will be right here …
For the quarter ended Aug. 1, Signet’s sales totaled $1.53 billion, down slightly year-over-year from $1.54 billion in the prior year period.
Same-store sales ticked up 2 percent.
Gross margin was $602.4 million, or 39 of sales, up 80 basis points year-over-year.
Signet said the gross margin improvement was due to the approximately $15 million in tariff refunds it received, which was higher than expected, as well as lower inventory and distribution costs, with some offset from higher gold costs.
Operating income was $87.5 million, or about 6 percent of sales, compared to $2.8 million, or 0.2 percent of sales, in the prior year period.
Adjusted operating income was $107.2 million, or 7 percent of sales, compared to $85.4 million, or about 6 percent of sales, in the same period last year.
“We delivered another quarter of comp sales growth with a positive comp performance in all fine jewelry brands,” Signet Jewelers CEO J.K. Symancyk said in a press release.
Merchandise average unit retail (AUR), meaning the average selling price for its products, was up 6 percent year-over-year, with growth in both bridal and fashion jewelry as well as timepieces and services.
Symancyk said unit sales growth was in the high single digits for its higher price-point jewelry, a trend it noted in the previous quarter.
On an earnings call Wednesday morning, he said the company is being “intentional around the opportunity we see at higher price points, particularly in natural diamonds in both fashion and bridal.”
Its Blue Nile brand is being reframed as a natural diamond-focused jeweler that, hopefully, appeals to higher-income consumers.
Signet announced in May that it inked a deal to purchase The Clear Cut, the online-only jeweler known for its natural diamond advocacy and strong social media presence, and will integrate it into Blue Nile.
The retailer is “doubling down” on the Blue Nile brand, Chief Operating and Financial Officer Joan Hilson said on the call.
It plans to transition more of the Blue Nile showrooms into full-service stores, she said, with an increased availability of merchandise, particularly new collections.
Blue Nile posted 10 percent year-over-year sales growth this quarter, she added.
The brand soon will announce a new luxury partnership, which will “reinforce the rarity and enduring value of natural diamonds,” Hilson said.
Signet has been working to differentiate its banners, with the goal of each brand having a distinct identity.
Its brand initiatives include merchandise refreshes, enhancements to the online and in-store customer experiences, and a “more modern and emotionally engaging” marketing approach, Symancyk said in the release.
Zales recently debuted its “You Are The Occasion” campaign, which encourages shoppers to wear their fine jewelry every day rather than save it for special occasions.
Kay Jewelers is undergoing a brand overhaul, he said, with more details to follow.
Signet’s North American stores include Zales, Jared, and Kay Jewelers in the United States, and Peoples Jewellers in Canada.
In the United Kingdom, Signet owns Ernest Jones and H. Samuel.
Signet is currently updating the Kay, Zales, and Jared websites with plans to finish by the third quarter, in time for the holiday season.
“By leveraging the full strength of our diversified portfolio, we are entering the back half of the year well-positioned to deliver compelling value throughout the holiday season for customers across a broad range of income levels,” Symancyk said in the release.
Last holiday season, Signet noted it didn’t have enough lower-priced jewelry to meet customers’ needs, which ultimately hurt sales during a critical time of year.
Symancyk said the retailer is better positioned this year, noting it is not dealing with the same level of volatility caused by tariffs and high gold prices.
Looking at the year ahead, the jewelry retailer has increased its sales expectations for the fiscal year slightly due to a strong Q1 and promising Q2.
Signet said it expects third-quarter sales to be between $1.37 billion and $1.41 billion, with same-store sales down 1 percent to up 2 percent.
For the full year, sales are still expected to be between $6.7 billion and $6.9 billion, while same-store sales are expected to be flat to up 2.5 percent.
That is an increase from its prior guidance, which forecast that sales could be down 0.75 percent to up 2.5 percent.
Signet also has a new consumer credit agreement, entering an extended partnership with Bread Financial through December 2035, which it expects to generate $1 billion.
Also, its board of directors approved a $385 million increase to its remaining share repurchase authorization, for a total of $700 million.
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