Signet Jewelers reported a 2% year-over-year increase in revenue to $1.54 billion for the first fiscal quarter ending May 3, signaling early success from a new strategic direction under CEO J.K. Symancyk. Same-store sales — those from locations open at least a year — rose 2.5%, reflecting steady consumer demand. However, net profit dropped 36% to $33.5 million, highlighting ongoing cost and margin pressures.

Symancyk, who took the helm earlier this year, launched a new initiative in March called “Grow Brand Love,” aimed at reinvigorating the company’s most recognized brands — Kay Jewelers, Zales, and Jared — while expanding the retailer’s presence in fashion and everyday jewelry.

“We’re seeing the early benefits of our strategy, with consistent monthly growth in same-store sales throughout the quarter and into May,” Symancyk said. The company also refined its product lineup at strategic price points and continued updating its merchandise assortment, contributing to stronger performance from its core brands.

All three flagship banners — Kay, Zales, and Jared — reported improved same-store sales and margins compared to the previous quarter. The company’s internal restructuring, designed to streamline operations, is now nearly complete.

Boosted by early momentum, Signet raised the lower end of its full-year sales forecast to between $6.57 billion and $6.8 billion, up from the previous range of $6.53 billion to $6.8 billion. Investors responded positively, with shares surging 14% in premarket trading on Tuesday.