Signet Comps Rise 2.5%, Beating Expectations

By Rob Bates | June 03, 2025

Signet Jewelers’ same-store sales rose in its most recent quarter, marking the first time in three years that its quarterly comps increased.

Overall, comps for the quarter ended May 3 grew 2.5% year-over-year. Sales for the period totaled $1.5 billion, up 2.5% from the prior year. Adjusted operating income jumped 20%.

Chief financial and operating officer Joan Hilson tells JCK that Signet’s new “Grow Brand Love” strategy, though still in its “early innings,” has already begun to show results.

“We have been able to grow our fashion business, particularly in some of the lower price points—from $200 to $500—as well as in lab-grown diamond fashion, which carries a two times higher [average retail price per item] than other fashion pieces,” she says.

Hilson notes that while Signet saw improvement in all merchandise categories, comps at its three main brands targeted by “Grow Brand Love”—Kay, Zales, and Jared—rose 4%.

She adds that Signet will continue to concentrate on the “big three” but also keep a “sharp eye” on the rest.

“Our focus has been on Kay, Zales, and Jared, because that’s where most of the value can be driven for the shareholder,” she says. “Then we’ll continue to evaluate the other brands.”

Signet brand Blue Nile had positive comps in the quarter, but fellow e-tailer James Allen has “underperformed,” says Hilson. Signet plans to take a “deeper look” at James Allen, “including marketing, product assortment, and bringing in a higher proportion of finished jewelry, rather than custom,” she says.

In other Signet news, the percentage of its overall sales involving lab-grown diamonds increased 5% from last year, to 20%—reflecting increased sales of lab-grown fashion, Hilson says. Approximately 30% of Signet’s bridal sales involve lab-grown diamonds, she adds.

Created gems are “opening up a new avenue for fashion [jewelry],” Signet CEO J.K. Symancyk said on the conference call. “It helps us market to a new set of customer.… It’s an accretive opportunity.”

Hilson pointed out that although lab-grown diamond prices continue to fall, they’re “decreasing at a slower pace than in the past.” Natural diamond prices have “stabilized,” Symancyk said.

Tariffs were a big topic on the earnings call. Symancyk said Signet has set up a task force to deal with the tariff situation, which he described as “obviously fluid.” Less than 10% of the company’s goods come from China, he said.

As far as how much of the tariffs Signet will ask suppliers to shoulder, Hilson tells JCK: “We are in active negotiations with our vendors. We’re working [with them] to avoid retail increases where possible and to absorb some of the tariffs.”

Despite the good sales results, for the next quarter Signet forecast between a 1.5% drop and 1% rise in comps.

“We believe that’s an appropriate positioning for the year based on the measured consumer,” Hilson says.

Still, even in this uncertain environment, she feels consumers are “resilient” and “our assortment and marketing is resonating.”

On the call, Hilson said Signet plans to close up to underperforming 150 stores and reposition nearly 200 stores to new venues, as it continues to move away from malls.

Signet’s recent reorganization, which moved the buying of basic items into one department, sparked a reduction in its workforce, Hilson says, declining to provide numbers.

The company’s quarterly numbers beat Wall Street expectations, leading to a 9% jump in its stock price at press time.

In related news, Signet played down yesterday’s Daily Mail story that former executive Gerald Ratner may buy its U.K. chains, H. Samuel and Ernest Jones.

“We are not engaged in discussions related to a sale of our U.K. brands,” a company spokesperson said in an email to JCK. “Our Ernest Jones and H. Samuel businesses are performing well and focused on serving all our loyal customers.”

(Photo courtesy of Signet Jewelers)