Signet Jewelers (NYSE: SIG) reported a stronger-than-expected start to fiscal 2027, achieving first-quarter revenue of $1.6 billion with a comparable sales growth of 1.8%. CEO J.K. Symancyk highlighted positive sales trends across all categories, although some softening was noted in the latter half of the quarter. The company has increased its full-year guidance, forecasting total revenues between $6.7 billion and $6.9 billion and adjusted earnings per share in the range of $9.20 to $11.00.
Key performance indicators include a nearly 5% increase in average unit retail (AUR) across all categories, with bridal showing high-single-digit growth. Signet also managed to repurchase around 1.3 million shares for $114 million, with cash reserves exceeding $600 million, up nearly $340 million year-over-year. Adjusted diluted earnings per share grew over 30% to $1.56.
As part of its strategy to capitalize on higher price points, particularly above $2,000, Signet is repositioning its Blue Nile brand to focus on affluent customers and natural diamonds. The company also transitioned the James Allen platform to direct traffic to Blue Nile, incurring a $32 million non-cash inventory write-down in the process.
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