The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Signet Turns in Better-Than-Expected Q2 Performance
The retailer’s same-store sales in North America dipped 1 percent as foot traffic continued to decline, but it beat analysts’ expectations and saw its stock rise.
Akron, Ohio—Signet Jewelers Ltd. reported a dip in second-quarter revenue and a decline in foot traffic but the jeweler still posted better-than-expected sales.
Second-quarter sales for all Signet stores, both in North America and the United Kingdom, fell 4 percent year-over-year but totaled $1.36 billion, slightly higher than the $1.3 billion analysts had expected.
The jeweler also reported earnings of $0.51 per share, double the $0.25 per share analysts had expected.
The company's Q2 performance prompted CEO Gina Drosos to note the company is beginning to see results from its turnaround plan.
“We continue to gain traction on our transformation initiatives and delivered second-quarter results that exceeded our same-store sales, non-GAAP operating profit, and non-GAAP earnings per share expectations,” she said in the company press release announcing its Q2 results.
Signet’s Q2 same-store sales, which include both online and in-store sales, slipped 2 percent.
Quarterly e-commerce sales were up 4 percent to $156.9 million, accounting for 12 percent of overall sales, compared with 11 percent in the prior-year second quarter.
Brick-and-mortar same-store sales dipped 2 percent.
In North America, where Signet operates stores like Kay Jewelers, Jared the Galleria of Jewelry and Piercing Pagoda, sales totaled $1.24 billion, with same-store sales down 1 percent.
The average transaction value increased 1 percent, but the number of transactions was down 2 percent.
By banner, Piercing Pagoda was the top performer, with same-store sales for the chain of ear-piercing kiosks climbing 11 percent.
This marks the fifth consecutive quarter the banner has seen double-digit growth, Signet CEO Gina Drosos noted on the company’s earnings call Thursday morning.
Same-stores sales at Zales rose 2 percent, while comps were down 2 percent at e-tailer James Allen and 3 percent at Kay Jewelers.
Comps fell 4 percent at Jared the Galleria of Jewelry while Canadian chain Peoples Jewellers recorded a 1 percent decline in same-store sales.
Regional banners performed poorly, with same-store sales falling 10 percent.
By category, fashion sales were strong, growing across all North America banners, Drosos said. Gold fashion jewelry, the “Love + Be Loved” collection, and Disney were the top performers.
Bridal, watches and other categories declined on a same-store sales basis, with the drop in the “other” category stemming from sliding Pandora sales.
Within bridal, Enchanted Disney and The Leo Diamond performed well, while sales of Ever Us and Tolkowsky slipped.
On the call, Drosos discussed the company’s strategy for the upcoming holiday season, which includes improving its merchandise assortment and shopping experience,
“As we enter the competitive holiday season, we believe we are positioned to execute our product strategy by launching additional flagship brands, delivering relevant on-trend new merchandise and offering a highly competitive assortment for value-oriented shoppers,” she said in press release.
Signet’s holiday plans include new products, including offering more colored gemstone bridal jewelry, and a new Vera Wang’s men’s collection.
Regarding tariffs, Drosos said they’ve had no “meaningful impact” on the business and Signet does not expect to pass costs along to the customer.
She added that the company has moved some of its business out of China to decrease its exposure.
Looking ahead, the retailer reiterated its full-year outlook, expecting sales of $6-$6.06 billion with same-store sales falling between 2 and 3 percent.
Signet also announced plans Thursday to refinance its existing credit facilities, entering into five-year $1.6 billion senior asset-based credit facilities, extending maturities and increasing its liquidity.
The Latest
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.