Signet Jewelers finances increase; the company suspends relations with Russia

Signet Jewelers’ latest financial results were, well, gold.

Jewelry retailer Akron on Thursday reported strong fourth-quarter and full-year results.

Signet said it raised its dividend by 11% to 20 cents per share and expects its 2023 fiscal year to be stronger and it will continue to buy back shares.

The company also announced that it has suspended all business interactions with Russian-owned entities following the invasion of Ukraine and encourages all of its suppliers to do the same. Signet said he also donated $1 million to the Red Cross to provide food, shelter and more in Ukraine and for refugees leaving the country.

Signet shares rise on Thursday

Shares of Signet rose $5.42, or 7%, to $83.14 as of Thursday’s market close. The results exceeded analysts’ expectations. The shares over the past 52 weeks have ranged from a low of $50.01 to a high of $111.92.

Signet reported net income of $402.4 million, or $4.91 per share, on revenue of $2.8 billion for the quarter ending Jan. 29. That compares to net income of $292.1 million, or $4.15 per share, on revenue of nearly $2.2 billion a year ago.

Adjusted earnings were $5.01 per share, compared to $4.15 a year ago.

For the full year, Signet said it earned $903 million, or $12.22 per share, on revenue of $7.8 billion. That compares with a loss of $57.7 million, or 94 cents per share, on revenue of $5.2 billion a year ago.

“The investments we have made in our connected commerce capabilities and differentiated banner assortment and marketing have generated significant market share gains, with all categories and banners outpacing growth in the jewelry industry” , said Virginia C. Drosos, CEO of Signet, in a press release. “Despite a challenging macroeconomic environment ahead, we believe we are well positioned in partnership with our strategic suppliers.”

Signet plans to spend about $250 million in fiscal 2023 to improve its stores, digital platform and data analytics, Drosos said.

Online jewelry sales top $1.5 billion

Signet is now the largest online specialty jeweler in the United States with more than $1.5 billion in sales, Drosos said.

“With a strengthened balance sheet and confidence in the execution of our team, we will continue to prioritize investments that create sustainable competitive advantages and drive shareholder value,” said Joan Hilson, Chief Financial and Strategy Officer, in the press release. “To that end, we have increased our capital expenditure for fiscal 2023 as well as our quarterly ordinary dividend and will remain focused on share buybacks.”

In the fourth quarter, physical store sales totaled $2.3 billion, up 34.6% from a year ago. E-commerce sales totaled $556 million, up 8.7% from a year ago.

Full-year store sales totaled $6.3 billion, up 56.2% from fiscal 2021. E-commerce sales totaled $1.5 billion , up 27.6% from a year ago.

The company said it expects to earn between $12.28 and $13 per share in fiscal 2023, on revenue of $8.03 billion to $8.25 billion.

The company had 2,854 physical stores as of January 29. It opened 107 stores during the year and closed 86.

Signet brands include Kay Jewelers, Zales, Jared, Ernest Jones, Piercing Pagoda,, Diamonds Direct and others.

Beacon Journal reporter Jim Mackinnon can be reached at 330-996-3544 or Follow him @JimMackinnonABJ on Twitter or

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