Signet CEO Sees Signs of Recovery Amid Q2 Loss

Signet Jewelers, the world's largest retailer of diamond jewellery, reported a $100 million loss for the second quarter of Fiscal 2025, along with a decline in sales. The company’s total sales reached $1.5 billion for the 13 weeks ending August 3, representing a year-on-year decrease of $122.6 million or 7.6%. Same-store sales also saw a drop of 3.4%.

Despite these challenges, CEO Virginia C. Drosos remains optimistic about the future. "Both the internal and external metrics we track indicate increasing engagements as we head into the back-half of the year," said Drosos in Signet's Q2 Fiscal 2025 results. "This combined with growth in new high-margin fashion merchandise and services gives us confidence in delivering our annual guidance."

Drosos also highlighted positive momentum moving into the third quarter, with same-store sales turning positive and engagement units growing. She noted that the bridal sector, which had been sluggish, is showing signs of improvement. "Engagements also improved in the second quarter by approximately 400 basis points on a same-store sales basis," she said. "As predicted, the engagement recovery is happening."

Looking ahead to Q3, Signet anticipates total sales between $1.345 billion and $1.380 billion. For the full fiscal year, the company projects sales in the range of $6.66 billion to $7.02 billion, reflecting continued optimism despite recent setbacks.