Signet Shares Soar 12.5 Percent as Q1 Sales Gain
From Yahoo Finance: 2025-06-03 07:05:00
Signet Jewelers saw a 2 percent rise in sales and a 2.5 percent increase in comparable-store sales for the first quarter. The company’s share price spiked 12.5 percent after reporting net income of $33.5 million. CEO J.K. Symancyk attributes growth to bridal and fashion jewelry. The company is optimistic about sales for 2025.
CEO Symancyk discussed Signet’s “Grow Brand Love” transformation strategy, which included staff reductions and management changes. The company plans to close fewer than 200 stores this year. Signet aims to innovate in design, customer experience, and marketing to drive growth after a challenging 2024.
Signet’s strategic plan focuses on building brand loyalty and expanding into new categories like gifts. The company’s marketing spend increased by 2 percent last quarter. Symancyk highlighted the success of key collections at brands like Jared and Zales. Signet raised its adjusted EPS guidance and updated its sales outlook for 2025.
In the first quarter, Signet saw a gross margin rate increase to 38.8 percent and a slight rise in SG&A expenses. The company is confident in its performance and has increased its fiscal 2026 operating guidance. Signet is prepared to navigate consumer spending variability and potential tariff impacts.