SIG launched PRIDE styles with Vera Wang Love
As a tribute to Pride Month 2022, we are taking a closer look at the publicly listed companies (on the NYSE or Nasdaq) who taking major initiative to be an ally both within their organizations and in their customer-facing elements. We have seen a surge of ESG (Environmental, Social, and Governance) investing, with traders considering these non-financial factors when determining which stocks to add to their portfolios.
One big name stood out as we began working through these LGBTQ+ initiatives and that is Signet Jewelers Ltd. (NYSE:SIG). As we'll list the customer-facing efforts that Signet Jewelers is making through its portfolio of brands, know that Signet Jewelers themselves have supported the LGBTQ+ community beyond Pride month. Click here for more information on their workplace actions, community involvement, and donations.
This year for Pride, Signet owned Kay Jewelers is continuing to celebrate all love and Every Kiss! In support of Pride month, Kay Jewelers has made a contribution to the Human Rights Campaign – one of the largest LGBTQ+ advocacy groups – to further their mission to achieve equality and acceptance. They are also working with various influencers to share their favorite kisses throughout June and encouraging their followers to do the same. Among these influencers are Jaymes Vaughan & Jonathan Bennett, Kirstie & Christine, Mason Leigh, and more! Click here for Kay’s Pride page where you’ll find more information.
In 2020, Kay Jewelers partnered with Jaymes Vaughan for his proposal to Jonathan Bennett (known for his character as Aaron Samuels in Mean Girls) where he created a custom same-sex engagement/wedding band. After the engagement, Kay was overwhelmed with requests to purchase the ring and/or custom design similar wedding bands for other same-sex couples – so they partnered again in 2021 to release a replica of their ring at Kay, titled “Our Ring by Jaymes + Jonathan”.
As for Zales -- another unit of Signet -- this year they launched new PRIDE styles with Vera Wang Love that feature colored precious gemstones to represent the pride flag. Zales also released pronoun jewelry supporting consumers that want to express themselves through style. On the social media front, Zales wants to encourage people everywhere to let their true colors shine and share their PRIDE story by posting a video or photo with their rainbow shine filter and the hashtag #ZalesPride.
Signet Jewelers released earnings on Thursday, June 9 before the bell. SIG walked into the earnings confessional for Q4 of fiscal 2022 to report a revenue win of $2.81 billion -- about $40 million more than Wall Street anticipated -- while same-store sales grew over 23% year-over-year. In addition, the retailer raised its quarterly dividend by 11% to 20 cents per share, and offered a strong 2023 outlook, despite inflationary pressures and suspended business activities with Russia.
This current quarter's earnings results were very well-received, with Signet stock last seen up 8.3% to trade at $67.41. The jeweler posted a top- and bottom-line beat for its first quarter, noting that demand among more affluent shoppers has remained strong, despite the inflationary issues weighing on most shoppers right now. Signet did add that it saw some "softening within lower price points" because of this inflation, however.
SIG traded at its highest level since May 13 yesterday. And though it still suffers a 23.5% year-to-date deficit, the equity has found recent support at the 10-day moving average, and settled above its 40-day moving average for the first time since late April.
Thank you to Signet Jewelers for providing these insights.