Financials

Signet Ups Fiscal Guidance Following Strong Q1

FinancialsApr 13, 2021

Signet Ups Fiscal Guidance Following Strong Q1

The jewelry giant posted stronger-than-expected conversion rates and higher average ticket values in the first quarter.

Signet Jewelers has high hopes for the fiscal year ahead, upping its first quarter and full-year guidance.
Akron, Ohio —Signet Jewelers Ltd. forecasted a better-than-expected year ahead.

The jewelry giant raised its fiscal 2022 first quarter and full-year guidance, as per a recent 8-K filing.

The company upped its predictions after seeing stronger conversions and higher average ticket values in the first quarter than it initially expected.

Signet attributes the topline strength to tailwinds from the federal stimulus checks, tax refunds, and customer enthusiasm due to the COVID-19 vaccine rollout.

The company also held several guest appreciation events in late March.
 Related stories will be right here … 
A COVID-19 surge in India raised concerns about inventory delays in the year ahead, but Signet said it has mitigated the short-term impact for now.

However, should the inventory slowdowns worsen, that could have an effect on its full-year guidance.

For the first quarter, revenue is expected to be between $1.57 billion to $1.60 billion, up from its previous guidance of $1.42 billion to $1.46 billion.

Full-year revenue is expected to be between $6 billion and $6.14 billion, up from its previous guidance of $5.85 billion to $6 billion.

Signet noted that “continuing uncertainty” related to the COVID-19 pandemic could have an effect on its guidance.

The jeweler has just begun the next stage of its turnaround program, dubbed “Inspiring Brilliance.”

The plan includes growing services revenue, expanding its luxury and value segments, bolstering digital commerce, and utilizing its data.


Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

IndependentsMay 17, 2021
Take a Peek Inside the New Zadok Jewelers Store

The Houston jeweler recently opened a 28,000-square-foot, two-level store.

IndependentsMay 17, 2021
Bill Boyajian Has a New Book Coming Out

“Family Business Succession Planning” covers the dynamics of working in a multigenerational business and prepping for the next generation.

MajorsMay 17, 2021
Pandora’s Head of North America Steps Down

Sid Keswani has left the jewelry company to become president of lifestyle company Centric Brands.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

TechnologyMay 17, 2021
JCK Launches Online B2B Jewelry Marketplace

“Jewelers Source by JCK” will help qualified buyers find new clients and conduct virtual meetings all year round.

Weekly QuizMay 14, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of May 10-14, 2021.
Take the Quiz
MajorsMay 17, 2021
Borsheims Promotes 3 on Sales Management Team

It shows the Nebraska jeweler’s new cross-department emphasis.

Policies & IssuesMay 14, 2021
Petra Reaches $6M Settlement Amid Claims of Human Rights Abuses

A report by a nonprofit documented an alleged seven deaths and 41 assaults on artisanal miners at the Williamson mine in Tanzania.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

AuctionsMay 14, 2021
Phillips’ New Selling Exhibition Celebrates Female Designers

It features pieces from the likes of Solange Azagury-Partridge, Suzanne Belperron, Marina B, and Silvia Furmanovich.

×