Editor’s Note
Signet Jewelers’ second-quarter results show continued momentum in its turnaround, with sales and profitability rising. The company has raised its full-year outlook accordingly.
Akron, Ohio—Signet Jewelers Ltd. posted sales growth once again in its second quarter and raised its full-year guidance as its turnaround plan progresses.
For the quarter ended Aug. 2, Signet’s sales totaled $1.54 billion, up 3 percent year-over-year. Same-store sales were up 2 percent.
Adjusted operating income increased 24 percent to $85.4 million, aided by cost-cutting measures and growth in both gross margin and comp sales.
In the first half of the year, total sales are up 2 percent year-over-year to $3.08 billion, while same-store sales also have increased 2 percent.
In Q2, growth in sales of fashion jewelry, including its lab-grown diamond offerings, and services fueled the positive performance.
The results exceeded the company’s expectations of sales between $1.47 billion and $1.51 billion, with same-store sales in the range of -1.5 percent to +1 percent.
The company’s three largest retail chains—Kay, Zales, and Jared—saw same-store sales increase by 5 percent in Q2, he said.
On the company’s earnings call Tuesday morning, Symancyk and Chief Operating and Financial Officer Joan Hilson discussed the impact of tariffs, what it’s stocking for the holidays, and how the turnaround plan is progressing.
Fashion jewelry was a growth driver this quarter, posting 2 percent comp growth as lab-grown diamond jewelry sales grew.
Bridal jewelry sales were flat.
Signet’s services category performed well, with revenue up 7 percent, led by its extended service agreements.
Hilson noted that the retailer has seen price stabilization in loose diamonds, both natural and lab-grown, over the last six months, with natural rebounding across carat sizes.
Kay, Signet’s “sentimental gifting brand,” is introducing more milestone gifting jewelry at lower price points for “value-oriented” customers.
The jewelry giant also has been increasing its marketing spend, including a 20 percent increase in social media channel buys.
Jared’s “Love Highway” campaign featuring influencer Taylor Hill did especially well, as did Kay Jewelers’ partnership with singer Teddy Swims, dubbed its “Chief Love Officer.”
Signet said Banter (formerly Piercing Pagoda) was impacted by the high price of gold, which was more than $3,500/ounce as of press time.
At Blue Nile, Hilson said the retailer could benefit from a more differentiated product assortment, while James Allen needs faster shipping and more finished jewelry options.
Looking ahead to the holiday season, Symancyk said consumers are ready to celebrate.
Ahead of the holidays, the retailer is focusing on its lab-grown diamond fashion jewelry and men’s fashion jewelry categories, offering options priced between $200 and $500.
Signet said it has three times as many lab-grown diamond fashion pieces priced below $1,000 in stock than it did last year, with even higher growth in lab-grown diamond fashion jewelry priced below $500.
As part of its turnaround, Signet also will be making changes to its stores, including introducing formats that encourage self-purchasing and milestone gifting and more interactive experiences.
The jewelry giant, which ranks No. 1 on National Jeweler’s 2025 $100 Million Supersellers and Top 50 Retail Chains lists, is in the midst of its “Grow Brand Love” turnaround plan, announced in March.
The plan includes leadership changes, store closures and renovations, and a focus on brand loyalty.
Julie Yoakum, who previously worked for Helzberg, recently was named president of Kay Jewelers and Peoples Jewellers, its Canadian jewelry store chain.
The retailer also hired Lisa Laich, formerly the head of digital and brand marketing for Crocs, as its new chief marketing officer.
As for the impact of tariffs, Symancyk said the retailer is navigating the “dynamic” environment in part by working with its vendors to minimize the impact of tariffs and maximize holiday availability.
