Signet lifts outlook as higher-priced diamond sales boost quarter

Higher-priced diamond jewelry kept Signet’s quarter moving, a sign that shoppers still reach for emotionally loaded pieces even when the market feels tighter. The company said same-store sales rose 1.8% in the first quarter, while merchandise average unit retail climbed about 5% year over year, a mix that points to stronger buying at the top of the case rather than just more traffic.

The quarter ended May 2, 2026, and Signet said every category improved on a comparable-sales basis. Bridal remained a core driver, but fashion also grew across Kay, Jared, Zales and Blue Nile, underscoring that the lift was not limited to engagement rings. For a jewelry business built on both milestone purchases and self-purchase, that matters: it suggests shoppers are still trading up when they do spend, and they are choosing diamond pieces with more weight, more stones or simply a higher ticket.

Signet responded by raising full-year guidance for fiscal 2027, tying the outlook to the stronger first quarter and early second-quarter momentum. The company also said additional share repurchases since March would further increase adjusted earnings per share guidance, a reminder that capital return is helping pad results as the core business improves. Signet operates about 2,600 stores under names including Kay, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, Peoples Jewellers, H.Samuel and Ernest Jones, giving it a wide view of what is moving across price points and regions.

CEO J.K. Symancyk has said the company had delivered positive comparable sales in 15 of the last 17 months, language that frames the quarter as part of a longer recovery rather than a one-off pop. Signet had already pointed to stronger fashion price points, especially in the $250 to $500 range, and it previously moved James Allen into a proprietary collection within the Blue Nile website as part of a broader effort to centralize diamond sourcing and streamline operations.

That restructuring still leaves James Allen as a drag, but the broader picture is more encouraging. Signet’s largest banners, especially Kay, Zales and Jared, have shown sequential comp-sales improvement, and Symancyk has called the Grow Brand Love strategy proof the company can “perform and transform at the same time.” For diamond jewelry, the message is plain: the luxury end is holding up, and customers are still willing to spend when the piece feels important enough to justify it.