Signet Jewelers Ltd. showed signs of recovery in its first quarter, with sales rising by 2 percent. This marks an improvement after several challenging quarters as the company continues its turnaround efforts.
For the quarter ending May 3, Signet reported total sales of $1.54 billion. This was higher than the company’s forecast of $1.5 billion to $1.53 billion.
Same-store sales, which measure sales at stores open at least a year, increased by 3 percent. This also exceeded expectations, which predicted flat to 2 percent growth.
CEO J.K. Symancyk said in a statement, “We delivered positive same-store sales growth each month of the quarter and into May. This was driven by enhancing our product offerings at key price points and evolving our assortment.”
The company’s three biggest brands—Kay, Zales, and Jared—showed improved same-store sales compared to the previous quarter. This was helped by higher profit margins. Symancyk highlighted that this result reflects the company’s strong focus on its leading brands.
On the earnings call, Chief Operating and Financial Officer Joan Hilson added that Kay, Zales, and Jared each saw double-digit growth in e-commerce sales during the quarter. They also increased sales per square foot by nearly 5 percent compared to last year.
Symancyk noted that the fashion jewelry segment performed well, especially in the important $250 to $500 price range for gifts. The company also raised its Average Unit Retail price in both bridal and fashion jewelry categories.
Signet’s sales of lab-grown diamond fashion jewelry jumped 60 percent in the quarter, Symancyk said. Zales recently launched the “Stellar Allure” collection of lab-grown diamonds and the “Whimly by Zales” line, which features stackable jewelry at affordable prices.
Signet, the top-ranked jewelry retailer according to National Jeweler’s 2025 $100 Million Supersellers and Top 50 Retail Chains lists, is in the middle of its “Grow Brand Love” turnaround plan. This plan was announced in March and involves leadership changes, store closures and renovations, and a stronger focus on building brand loyalty.
In North America, Signet operates Zales, Jared, and Kay Jewelers, as well as Peoples in Canada. Its UK stores include Ernest Jones and H. Samuel.
Symancyk said the company’s reorganization is “substantially complete.” He added that Signet is recruiting for leadership roles and plans to name a new chief marketing officer this quarter.
“Although we are still early in the Grow Brand Love plan, our strategy is already helping us grow both bridal and fashion sales,” he said.
Zales recently rebranded with the goal of attracting younger customers to wear fine jewelry daily, not just for special occasions. Symancyk also mentioned that Jared will launch a new fashion campaign soon. The campaign aims to position Jared as an “aspirational luxury brand.”
Signet faced technological challenges with its online platforms Blue Nile and James Allen in recent quarters. Blue Nile’s performance has improved, but James Allen is still underperforming, Hilson said.
The company plans to take “aggressive action” to improve James Allen. This includes refining its marketing and offering more finished products, since James Allen is known for customizable engagement rings.
In the first quarter, Signet closed 14 stores and plans to close nearly 100 more during the fiscal year. The closures mainly target underperforming mall locations.
Signet renovated 40 stores in the first quarter and plans to renovate another 160 stores this fiscal year.
During the call, Symancyk also addressed tariff concerns. “While the final outcome is still unclear, we have taken steps to stay flexible,” he said.
Most of Signet’s products are imported finished goods. The company sources from several countries, including India and China. India accounts for about half of the imports, while China makes up a smaller portion in the high single digits.
Symancyk said Signet believes it can shift most of its Chinese manufacturing to other countries or find alternative suppliers before the holiday season.
Looking ahead, Signet raised its full-year sales guidance based on the positive first-quarter results.
Hilson said, “Our improved promotional strategy and inventory management helped us expand both gross merchandise margin and adjusted operating margin. Sales growth also outpaced inventory growth.”
The company now expects full-year sales between $6.57 billion and $6.80 billion, up slightly from the previous range of $6.53 billion to $6.80 billion.
Same-store sales are forecasted to be down 2 percent to up 1.5 percent, improved from an earlier estimate of down 2.5 percent to up 1.5 percent.
For the second quarter, Signet expects sales between $1.47 billion and $1.51 billion, with same-store sales down 1.5 percent to up 1 percent.
Hilson noted the updated outlook reflects the current economic environment and tariff situation. It also assumes the company continues to meet its cost-saving goals.
Symancyk added, “I don’t want to call it a victory after just one quarter, but we are pleased with the progress we have made.”
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