Categories Analysis, Consumer

A look at Signet Jewelers’ (SIG) performance in Q1 2025

Adjusted EPS for the year is expected to be $9.90-11.52

Shares of Signet Jewelers Limited (NYSE: SIG) fell over 4% on Friday. The stock has dropped 17% year-to-date. The jewelry retailer saw sales and earnings decline year-over-year in the first quarter of 2025. It expects to see a positive same-store sales inflection in the second half of fiscal year 2025. Here’s a look at its performance in Q1:

Quarterly numbers

Signet’s sales decreased 9.4% year-over-year to $1.5 billion in Q1 2025. Same-store sales decreased 8.9%, with pressure from the digital banners. The company reported a GAAP loss of $0.90 per share compared to EPS of $1.79 last year. Adjusted EPS fell 38% to $1.11.

Business trends

As mentioned on its quarterly conference call, within the bridal category, Signet saw a sequential improvement in engagements, excluding digital banners. In Q1 2025, engagements declined in the mid-single digits compared to a low double digit decline seen in Q4 2024.

Engagement units below $5,000 were flat to last year in April. The company is seeing slower recovery at price points above $5,000, partly due to challenges in the digital banners, which led to a slight drop in average transaction value. Signet saw an improvement in engagements during May and it expects this momentum to continue through the second quarter.

The company is also seeing momentum in its fashion category, helped by branding and new merchandise. New merchandise, as a percent of sales, was up more than 25% in core banners compared to last year.

Another area of opportunity is lab-created diamonds, or LCDs. On its call, Signet said that over the past five years, LCD production has become more efficient and this has brought down the retail costs, which in turn has opened up compelling options for price-conscious customers. The company increased its LCD fashion offerings in Q1, which helped drive a 14% growth in LCD fashion revenue compared to last year. Signet sees meaningful opportunity for further expansion of this product.


For the second quarter of 2025, Signet expects revenue to range between $1.46-1.52 billion, and same-store sales to decline 6% to 2%. As mentioned on its call, the company anticipates an improvement in engagement trends during the second quarter along with some AUR pressure in loose stones.

For the full year of 2025, total sales are expected to be $6.66-7.02 billion. Same-store sales are expected to range between down 4.5% to up 0.5%. As mentioned on the call, Signet expects engagement incidents to be up 5-10% for the year, but it also believes that heightened competitive discounting is likely to pressure margins into the back half of the year more than initially expected. Adjusted EPS for the year is expected to be $9.90-11.52.

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