FinancialsApr 13, 2021
Signet Ups Fiscal Guidance Following Strong Q1FinancialsJun 10, 2021
Signet Ups Fiscal Guidance Again After Strong Q1
The jewelry giant’s sales nearly doubled in the first quarter, raising its expectations for the fiscal year ahead.
A diamond ring from the Jared x Royal Asscher bridal collection. Jared owner Signet Jewelers posted strong first quarter results and raised its financial guidance for the fiscal year ahead.
Akron, Ohio—Signet Jewelers Ltd. started its fiscal year on a high note with sales nearly doubling year-over-year, leading the jewelry giant to raise its guidance for the year ahead.
In the first quarter ending May 1, sales totaled $1.69 billion, up 98 percent year-over-year, with same-store sales up 107 percent.
Compared with the first quarter in fiscal 2020, prior to the COVID-19 pandemic, sales were up 18 percent.
Signet expects to close more than 100 stores this fiscal year (FY 2022), but will open as many as 100 locations, mainly kiosks like the high-performing Piercing Pagoda kiosks.
The company operates 2,833 stores and kiosks as of May 1, compared with 3,172 locations last May.
“We delivered strong performance across our portfolio,” CEO Virginia Drosos said in a press release announcing the results.
“While the jewelry category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our ‘Inspiring Brilliance’ strategy.”
“Inspiring Brilliance” is the next stage of Signet’s turnaround plan. It includes growing services revenue, expanding its luxury and value segments, bolstering digital commerce, and utilizing its data.
E-commerce sales in the first quarter more than doubled, up 110 percent to $346.3 million, while brick-and-mortar sales grew 106 percent year-over-year.
The jewelry giant has been improving its digital commerce capabilities in recent quarters, providing virtual consultants and other elements to blend the in-store and online experiences.
“For the first time, ship-from-store automation is available across all banners,” said Chief Financial Officer Joan Hilson on the company’s earnings call Thursday morning.
Drosos told the story of a customer who reached out in search of a cushion-cut engagement ring. The catch was he needed it the very next day.
The customer shopped online, reached out to a virtual consultant, shopped alongside an associate and then came in to see the diamond in person.
The exchange utilized all of Signet’s digital offerings, ending with a happy customer and a $25,000 sale, said Drosos.
Related stories will be right here …
In the first quarter ending May 1, sales totaled $1.69 billion, up 98 percent year-over-year, with same-store sales up 107 percent.
Compared with the first quarter in fiscal 2020, prior to the COVID-19 pandemic, sales were up 18 percent.
Signet expects to close more than 100 stores this fiscal year (FY 2022), but will open as many as 100 locations, mainly kiosks like the high-performing Piercing Pagoda kiosks.
The company operates 2,833 stores and kiosks as of May 1, compared with 3,172 locations last May.
“We delivered strong performance across our portfolio,” CEO Virginia Drosos said in a press release announcing the results.
“While the jewelry category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our ‘Inspiring Brilliance’ strategy.”
“Inspiring Brilliance” is the next stage of Signet’s turnaround plan. It includes growing services revenue, expanding its luxury and value segments, bolstering digital commerce, and utilizing its data.
E-commerce sales in the first quarter more than doubled, up 110 percent to $346.3 million, while brick-and-mortar sales grew 106 percent year-over-year.
The jewelry giant has been improving its digital commerce capabilities in recent quarters, providing virtual consultants and other elements to blend the in-store and online experiences.
“For the first time, ship-from-store automation is available across all banners,” said Chief Financial Officer Joan Hilson on the company’s earnings call Thursday morning.
Drosos told the story of a customer who reached out in search of a cushion-cut engagement ring. The catch was he needed it the very next day.
The customer shopped online, reached out to a virtual consultant, shopped alongside an associate and then came in to see the diamond in person.
The exchange utilized all of Signet’s digital offerings, ending with a happy customer and a $25,000 sale, said Drosos.
Though the first quarter was strong, Signet said it is prepared for a shift of consumer discretionary spending away from jewelry to other experience-based categories as the vaccine rollout continues. In response, the company will ramp up its marketing efforts.
Looking to North America, where Signet’s banners include Kay, Jared and Zales, first-quarter same-store sales grew 117 percent, e-commerce sales 113 percent, and brick-and-mortar same-store sales 118 percent.
The average transaction value was up 15 percent year-over-year while the number of the transactions was up 90 percent.
When compared to the first quarter two years ago, pre-pandemic, Signet said foot traffic remains down but it has delivered growth over that period through higher conversion and average transaction value.
Sales in the bridal category were up 121 percent year-over-year in the quarter while sales in the fashion category were up 116 percent.
Watch sales were up 52 percent while the “others” category, which includes gift items, beads, repairs, service plans and other non-jewelry items, saw sales grow 26 percent.
By banner, Piercing Pagoda was the top performer, with sales up 189 percent.
Sales at e-tailer James Allen were up 132 percent year-over-year while Kay Jewelers saw sales more than double, up 103 percent.
Sales at Zales also rose 103 percent while sales at Jared were up 95 percent.
Canadian chain Peoples Jewellers posted a 40 percent jump in sales for the quarter.
Looking ahead, Signet raised its fiscal 2022 revenue guidance, expecting revenue of $6.5 billion-$6.65 billion, up from its prior guidance of $6 billion-$6.14 billion.
This marks the second time Signet has upped its guidance for the fiscal year.
The company expects second-quarter revenue of $1.6 billion to $1.65 billion.
Same-store sales for the fiscal year are expected to rise 24 to 27 percent, up from prior guidance of 17 to 20 percent.
In the second quarter, same-store sales are expected to be up 76 to 82 percent.
The company said it still expects same-store sales to be negative in the second half of fiscal 2022.
Signet’s board of directors has also reinstated its dividend program on the common shares.
Looking to North America, where Signet’s banners include Kay, Jared and Zales, first-quarter same-store sales grew 117 percent, e-commerce sales 113 percent, and brick-and-mortar same-store sales 118 percent.
The average transaction value was up 15 percent year-over-year while the number of the transactions was up 90 percent.
When compared to the first quarter two years ago, pre-pandemic, Signet said foot traffic remains down but it has delivered growth over that period through higher conversion and average transaction value.
Sales in the bridal category were up 121 percent year-over-year in the quarter while sales in the fashion category were up 116 percent.
Watch sales were up 52 percent while the “others” category, which includes gift items, beads, repairs, service plans and other non-jewelry items, saw sales grow 26 percent.
By banner, Piercing Pagoda was the top performer, with sales up 189 percent.
Sales at e-tailer James Allen were up 132 percent year-over-year while Kay Jewelers saw sales more than double, up 103 percent.
Sales at Zales also rose 103 percent while sales at Jared were up 95 percent.
Canadian chain Peoples Jewellers posted a 40 percent jump in sales for the quarter.
Looking ahead, Signet raised its fiscal 2022 revenue guidance, expecting revenue of $6.5 billion-$6.65 billion, up from its prior guidance of $6 billion-$6.14 billion.
This marks the second time Signet has upped its guidance for the fiscal year.
The company expects second-quarter revenue of $1.6 billion to $1.65 billion.
Same-store sales for the fiscal year are expected to rise 24 to 27 percent, up from prior guidance of 17 to 20 percent.
In the second quarter, same-store sales are expected to be up 76 to 82 percent.
The company said it still expects same-store sales to be negative in the second half of fiscal 2022.
Signet’s board of directors has also reinstated its dividend program on the common shares.
Editors' Picks
Sponsored by
More on Financials
The Latest
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Weekly QuizJul 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
