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Signet Jewelers’ revenue rose in the first fiscal quarter as the strategy its new CEO introduced last year continued to yield positive results.
Sales increased 1% year on year to $1.55 billion for the 13 weeks that ended May 2, the US retailer reported Tuesday. Same-store sales — at branches open for at least a year — grew 1.8%, with strong holiday demand playing into the rise. However, net profit fell 5% to $31.7 million.
“We drove topline growth…with all categories up on a comparable-sales basis,” said Signet CEO J.K. Symancyk. “We also delivered positive performance for both Valentine’s Day in February as well as Mother’s Day to start the second quarter. These early proof points of our Grow Brand Love strategy show we can perform and transform at the same time.”
Symancyk plans to accelerate marketing across its three largest brands — Kay, Zales and Jared — and sharpen brand distinction, creating “more compelling store environments” which are “designed to foster sustainable growth,” he explained.
Signet increased the lower end of its sales guidance for the current fiscal year, which will end in late January or early February 2027. It now forecasts revenue of $6.7 billion to $6.9 billion, compared with an earlier outlook of $6.6 billion to $6.9 billion. Same-store sales for the full year will range from a decrease of 0.75% to a gain of 2.5%, versus its original forecast of down 1.25% to an increase of 2.5%
The company expects sales for the second quarter to reach between $1.5 billion and $1.53 billion, with same-store sales up 0.5% to 2.5%.
The company’s share price jumped 7% in premarket trading on Tuesday.
Image: A Zales store. (Signet Jewelers)
