FinancialsAug 26, 2022
Movado Sees ‘Continued Weakness’ in U.S. After Q2 Sales SlowFinancialsSep 01, 2022
Signet Sets Sights on Bridal Market as Q2 Sales Slip
Pre-wedding events, like a bridal shower, represent a $1.9 billion gifting opportunity, said the jewelry giant.
A 14-karat two-tone gold and lab-grown diamond anniversary band ($16,999) from the new Pnina Tornai collection at Signet Jewelers-owned banner Jared. Signet’s sales were down 2 percent year-over-year in the second quarter.
Akron, Ohio—Sales slipped in the second quarter for Signet Jewelers Ltd., with both total revenue and same-store sales down slightly.
The company already had lowered its full-year outlook last month following softening sales in July.
Still, the jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared and Kay Jewelers, is approaching the holiday season with confidence
Here are five things to know about its recent earnings report, released Thursday morning.
Signet had a muted second quarter.
For the quarter ending July 30, Signet’s sales totaled $1.8 billion, down 2 percent year-over-year against a record-setting second quarter in 2021.
Sales were up 29 percent compared with pre-pandemic fiscal 2020.
Same-store sales were down 8 percent year-over-year.
“Signet’s Q2 results are a strong reason to believe our core message,” said CEO Virginia Drosos on the company’s earnings call Thursday.
“We have the strategic clarity, structural advantages, financial flexibility, and winning culture to deliver consistent, reliable, and sustainable growth and meaningful shareholder value. Signet is strong and growing stronger.”
In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s second-quarter sales in the region totaled $1.6 billion, down 2 percent year-over-year.
Same-store sales were down 9 percent, which Signet attributed to a higher average transaction value but a lower number of transactions.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $111.6 million, down 15 percent year over-year, with same-store sales down 2 percent.
Signet lowered its fiscal outlook.
Signet announced last month alongside its Blue Nile acquisition news that it has lowered its fiscal guidance in response to sales trends.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said last month.
The company said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.
Signet noted that its revised outlook does not account for the potential worsening of the macroeconomic environment or its pending acquisition of Blue Nile.
Looking to the third quarter, Signet expects revenue in the range of $1.46 billion to $1.49 billion, down slightly from last year’s Q3 total of $1.54 billion.
Related stories will be right here …
The company already had lowered its full-year outlook last month following softening sales in July.
Still, the jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared and Kay Jewelers, is approaching the holiday season with confidence
Here are five things to know about its recent earnings report, released Thursday morning.
Signet had a muted second quarter.
For the quarter ending July 30, Signet’s sales totaled $1.8 billion, down 2 percent year-over-year against a record-setting second quarter in 2021.
Sales were up 29 percent compared with pre-pandemic fiscal 2020.
Same-store sales were down 8 percent year-over-year.
“Signet’s Q2 results are a strong reason to believe our core message,” said CEO Virginia Drosos on the company’s earnings call Thursday.
“We have the strategic clarity, structural advantages, financial flexibility, and winning culture to deliver consistent, reliable, and sustainable growth and meaningful shareholder value. Signet is strong and growing stronger.”
In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s second-quarter sales in the region totaled $1.6 billion, down 2 percent year-over-year.
Same-store sales were down 9 percent, which Signet attributed to a higher average transaction value but a lower number of transactions.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $111.6 million, down 15 percent year over-year, with same-store sales down 2 percent.
Signet lowered its fiscal outlook.
Signet announced last month alongside its Blue Nile acquisition news that it has lowered its fiscal guidance in response to sales trends.
“We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we’re revising guidance to align with these trends,” Drosos said last month.
The company said it now expects fiscal year sales to be in the range of $7.60 billion to $7.70 billion, down from $8.03 billion to $8.25 billion.
Signet noted that its revised outlook does not account for the potential worsening of the macroeconomic environment or its pending acquisition of Blue Nile.
Looking to the third quarter, Signet expects revenue in the range of $1.46 billion to $1.49 billion, down slightly from last year’s Q3 total of $1.54 billion.
Signet is all in on services.
Growing services revenue is a major goal of Signet’s “Inspiring Brilliance” growth plan.
“Warranty and repair services were drivers in the quarter and delivered nearly 7 percent growth [in the services category],” Chief Financial Officer Joan Hilson said on the call.
Its services, which boost in-store traffic, include Rocksbox, the jewelry subscription business Signet acquired last spring.
Rocksbox’s subscriber base increased 15 percent in the second quarter
The company is also offering some new services, including appraisals at select Kay Jewelers stores, a new insurance program at Jared, Kay and Zales, and the continued rollout of its Vault Rewards program.
At Jared, transaction values for reward program customers have increased by nearly $600 and repeat transactions are up 7 percent.
The program will expand to e-commerce and 1,800 Jared, Kay, and Zales stores by the holidays.
Signet is cornering the bridal market.
This year has been dubbed “the year of the wedding,” with 2.5 million weddings expected to take place in the United States in 2022.
The company saw growth in its bridal category, particularly in the $4,000 to $5,000 range, which saw revenue up 11 percent year-over-year, said Drosos.
Across all banners, purchases in the $10,000-plus range grew 15 percent in aggregate.
“Bridal is a big part of the story this quarter,” said Drosos, estimating the company’s bridal market share is at 30 percent.
Signet is looking to capitalize on the pre-wedding events that surround the big day, which it sees as a $1.9 billion opportunity in the U.S., noting these events are great for gifting.
Its in-house data shows that 43 percent of gifts given surrounding the wedding are jewelry gifts. The company is focused on making the most of all wedding opportunities, Drosos said.
Signet is planning targeted media campaigns and online gift guides as a way to appeal to this segment.
It also has launched Bridal by Rocksbox, a subscription box tailored specifically to brides and their wedding parties.
Signet is catering to both high-end and budget-strapped customers.
Signet is aiming to expand its customer base by catering to a wide spectrum of income levels.
“In this economic environment, we are both leaning into accessible luxury while also increasing our value equation for more economically challenged customers,” said Drosos.
For wealthier customers, Signet has added more higher price-point items and expanded its concierge and personalization services, like Jared Foundry.
As lower-income consumers feel the toll of inflation, the company is offering more affordable, value-focused options.
“A great example is how we’re leveraging lab-created diamonds for a bigger look for less in our fashion pieces,” she said.
More on Financials
The Latest
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
