Signet lifts outlook after strong Valentine’s Day jewelry sales

Signet just gave a useful read on what romantic shoppers are still willing to buy: jewelry is holding up, and the better pieces are carrying the season. The retailer said first-quarter sales were about $1.6 billion for the 13 weeks ended May 2, 2026, comparable sales rose 1.8%, and merchandise average unit retail increased about 5% year over year.

That is the kind of print that matters for anyone watching Valentine’s Day gifting. Signet said comparable sales were positive across all categories, and management pointed to strong performance during Valentine’s Day in February and again around Mother’s Day, which helped kick off the second quarter even though Mother’s Day itself fell just after the quarter ended. In other words, shoppers were still reaching for classic jewelry gifts, but they were not all shopping at the same price point.

Chief executive J.K. Symancyk said the company continues to see strength in the higher-end consumer, with some of its best performance at higher-price points. That is the clearest signal in the results. Lower price points remained more challenged, which Signet linked to pressure from gold costs. For gift buyers, that suggests the market is not simply trading down across the board. It is splitting: value-sensitive shoppers are feeling the squeeze, while customers who want a meaningful occasion gift are still willing to spend more for something that feels substantial.

The company’s turnaround effort also showed up in the numbers. In the prior first quarter of fiscal 2026, same-store sales rose 2.5%, so this quarter’s 1.8% gain marked a slowdown, but still a solid positive result. Signet raised its fiscal 2027 sales outlook to $6.7 billion to $6.9 billion and lifted adjusted EPS guidance to $9.20 to $11.00, while also planning a $50 million accelerated share repurchase and keeping its quarterly dividend at $0.35 per share.

Signet, which operates about 2,600 stores under banners including Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, Peoples Jewellers, H.Samuel and Ernest Jones, has broadened its holiday marketing into milestone occasions such as birthdays and anniversaries. That matters because Valentine’s is no longer just a one-day bracelet-or-flowers proposition. The company’s “Grow Brand Love” strategy, along with collections like Vera Wang for Jared Vow, is built around the idea that shoppers still want jewelry when the moment feels personal enough to justify it.

Investors liked the read-through. Signet shares rose nearly 5% to more than 6% in premarket trading after the results, a sign that Wall Street saw the same thing shoppers did: sentimental jewelry is still working, especially when the price tag feels earned rather than discounted.