Signet Jewelers has successfully reversed a prolonged sales slump, marking its third straight quarter of positive comparable sales with a 3% overall increase.
This upward trajectory is particularly fueled by the company’s core portfolio, where established banners Kay Jewelers, Zales, and Jared collectively achieved a robust 6% rise in same-store sales.
This consistent growth follows a challenging two-year period of declining comps, signaling a potential turnaround for the jewelry giant.
The positive performance translated directly to the bottom line, with total revenue for the fiscal quarter ending November 1 climbing 3.1% year-over-year. Overall sales reached $1.4 billion, representing an increase of $42.4 million compared to the same period last year.
This financial rebound indicates a strengthening market position and successful strategic initiatives aimed at revitalizing consumer engagement and driving traffic to its leading brands.
Signet Jewelers reported quarterly revenue of $1.4 billion, driven by a 3% increase in same-store sales and a 7% rise in average unit retail prices. Adjusted operating income reached $32 million, bolstered by higher sales and improved operational efficiencies. The company expanded its gross margin by 130 basis points, reflecting stronger merchandise margins, occupancy leverage, and distribution gains.
Performance was notably fueled by growth in lab-grown diamonds, which now represent 15% of fashion sales and 40% of the bridal business. Signet’s core banners—Kay, Zales, and Jared—collectively achieved 6% same-store sales growth, with Jared seeing a 10% surge in fashion sales. The company also improved profitability through strategic measures, including a 25% reduction in promotions at Jared and effective mitigation of recent tariff increases.
Looking ahead, Signet raised the low end of its annual sales outlook and introduced fourth-quarter guidance. The company ended the period with a strong liquidity position of $1.4 billion and repurchased $28 million in shares during the quarter, underscoring confidence in its ongoing turnaround and momentum heading into the holiday season.
