Signet Jewelers’ revenue rose in the first fiscal quarter as the new CEO’s strategy changes appeared to pay off.
Sales increased 2% year on year to $1.54 billion for the 13 weeks that ended May 3, the US retailer reported Tuesday. Same-store sales — at branches open for at least a year — grew 2.5%. However, net profit slid 36% to $33.5 million.
Signet CEO J.K. Symancyk aims to sharpen the company’s focus on its most iconic brands, including Kay Jewelers, Zales and Jared, under plans he unveiled in March. He also intends to step up its exposure to fashion and everyday jewelry.
The strategy, called “Grow Brand Love,” is “gaining traction,” Symancyk said.
In line with the new strategy, Signet strengthened its product offering at key price points and continued the “evolution” of its assortment, the executive explained.
As a result, the group achieved growth in same-store sales during each month of the fiscal quarter as well as in May, he noted.
Kay, Zales, and Jared, Signet’s three largest brands, all saw same-store sales and margins improve relative to the fourth fiscal quarter.
“While we’re in the early innings of Grow Brand Love, our strategy is already driving growth in both bridal and fashion,” the executive explained. “I would like to thank the team for activating our strategy and delivering positive initial results.”
The company’s reorganization — targeting a leaner structure — is “substantially complete,” he added.
Signet increased the lower end of its sales guidance for the current fiscal year, which will end in late January or early February 2026. It now forecasts revenue of $6.57 billion to $6.8 billion, compared with an earlier outlook of $6.53 billion to $6.8 billion.
The company’s share price jumped 14% in premarket trading on Tuesday.
Image: A Zales store. (Signet Jewelers)
