The company’s momentum continued in the first quarter with results that topped analyst’s expectations and growth across nearly all its categories.
The parent company of Zales, Kay Jewelers, Jared, Piercing Pagoda, and other brands has focused on the acceleration of its online and services business as part of its new growth strategy. Earlier this year, it acquired Rocksbox, a jewellery rental subscription platform that allows its monthly members to rent exclusive and designer jewellery styles via its online platform.
“Our strong first-quarter results demonstrate the momentum we are building as we continue Signet’s transformation,” stated Virginia C. Drosos, CEO, Signet Jewelers.
“We delivered strong performance across our portfolio,” said Drosos. “While the jewellery category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our Inspiring Brilliance strategy. Specifically, we are winning in our biggest banners through consumer-inspired differentiation, as evidenced by double-digit revenue growth in both Kay and Zales versus this time two years ago. We are successfully beginning to stretch the top and bottom boundaries of the mid-market as Jared continues to grow at higher price points and in custom design, and Piercing Pagoda delivered its best quarter ever accessing more value-inspired self-purchasing shoppers.”
