Sales for the first half of the financial year increased by 2.5 per cent to $USD3.08 billion ($AUD4.7 billion).
Revenue for the second quarter, ending 2 August, improved by 3 per cent. After this stronger-than-anticipated trading period, the company has raised its guidance for the financial year.
“Our second-quarter results were driven by the expansion of on-trend fashion assortment and effective promotion and pricing strategies,” said CEO J.K. Symancyk.
“We have a sharp focus on delivering a holiday with the right inventory levels at key price points and the launch of new collections in our largest brands, supported by fresh marketing campaigns.”
In a review interview with JCK Online, operating and financial officer Joan Hilson discussed the strategic approach for select brands in the coming year.
“Blue Nile’s comps have turned positive, after some cooling off with promotions. We are pleased with the price-point work and still need to do some work on brand differentiation to upscale that brand and differentiate it from James Allen,” she explained.
“With James Allen, we will bring to market a faster ship component on custom as well as more finished jewellery and fashion basics. We’re differentiating the Blue Nile and James Allen brands to improve their performance.
“Diamonds Direct is another brand that was an acquisition for us, and we are looking at how to differentiate that brand from Jared. It’s largely an in-store experience. We have work to do there to bring that to a positive comp performance.”
Signet Jewelers owns Kay Jewelers, Zales, Jared, and James Allen, among others, as the world’s largest retailer of diamond jewellery.
More reading
Sales improve at major retailer amid strategic shift
Major diamond jewellery retailer plans dramatic overhaul
Major jewellery retailer doubles down on lab-created diamonds
Signet renews emphasis on fashion jewellery amid sales decline
Holiday sales slump for leading diamond jewellery retailer
Sales slip for leading diamond jewellery retailer
Worth The Wait: De Beers and Signet launch new campaign