Signet reported increased sales for Q2, as consumers increasingly opted for lab growns over natural diamonds.
It said 14 per cent of all the fashion jewelry items it sold during the quarter were lab grown – twice as many as the same period last year, and higher than Signet’s own expectations.
Total sales for the 13 weeks to 2 August were $1.5bn, up 3.0 per cent, and same store sales increased by 2.0 per cent, Signet said in its Second Quarter Fiscal 2026 Results.
Kay, Zales, and Jared the retailer’s three largest brands together delivered a combined 5 per cent same-store sales growth.
Adjusted operating profit for the quarter rose over 20 per cent reaching $85m, with a 24 per cent year-over-year gain.
Lab growns are viewed as a “category extender for fashion” and demand is most prominent in lower-priced products and fashion jewelry.
“Our second quarter results were driven by the expansion of on-trend fashion assortment and effective promotion and pricing strategies,” said J.K. Symancyk, Signet’s CEO.
Joan Hilson, chief operating and financial officer, said: “Reflecting second quarter results, expectations for the third quarter, and current tariff landscape, we’re raising our Fiscal 2026 guidance.
“This updated guidance also includes share repurchases to date and assumes a measured consumer environment.”
Source: IDEX