Signet Group President on jewelry trends, consumer behavior
Signet Jewelers, considered the world’s largest retailer of diamond jewelry, still shines in a sector where stubbornly high inflation has tempered shoppers’ willingness to spend on baubles
NEW YORK (AP) — Signet Jewelers Ltd., considered the world's largest retailer of diamond jewelry, still shines in a sector where stubbornly high inflation has tempered shoppers' overall willingness to spend on baubles.
Like many jewelry chains, Signet has seen some shoppers, particularly in the lower-income bracket, pull back. But the chain, which operates 2,800 stores under such banners as Kay Jewelers, Zales and Peoples, reported in March fourth-quarter earnings results that beat analysts' expectations, and it offered a solid annual profit forecast. It's also focusing on higher-income consumers as the economy weakens.
In April, the Bermuda-based company said its goal is to reach as much as $10 billion in annual sales within the next five years, up from $7.8 billion in the latest year ended Jan. 28 That growth should be fueled by a continued rebound in U.S. engagements and demand for pricier jewelry. Shares of Signet are up 2% so far this year.
