Signet Turnaround Plan Boosts Sales
June 04, 25
(IDEX Online) - Signet Jewelers reported better-than-expected quarterly sales, but profits slid, primarily due to higher income tax expenses and restructuring charges.
The world's largest retailer of diamond jewelry reported a 2 per cent revenue increase to $1.54bn in the 13 weeks to 3 May. Forecasts had been for $1.52bn.
Same-store sales grew 2.5 per cent, but net profit was down 36 per cent to $33.5m.
J.K. (James Kevin) Symancyk, who replaced Gina Drosos as CEO last November, indicated that his turnaround plan - Grow Brand Love, announced in March - was already working.
Pic shows a Kay Jewellers store.
"Our three largest brands - Kay, Zales, and Jared - all saw sequential comp sales improvement from the fourth quarter on higher margins, highlighting the impact of our outsized focus on our larger brands," he said in the company's First Quarter Fiscal 2026 Results, published yesterday (3 June).
"We delivered positive same store sales growth each month of the quarter, and into May, by bolstering our offerings at key price points and continuing the evolution of our assortment."
Signet raised the lower end of its full-year sales guidance to $6.57bn to $6.8 bn, reflecting confidence in continued momentum driven by the new strategy and resilient consumer demand.