Signet Jewelers has signed a definitive agreement to acquire Blue Nile, an online retailer of engagement rings and fine jewelry, for $360 million in an all-cash transaction. Blue Nile delivered revenue of more than $500 million in calendar year 2021.
The strategic acquisition of Blue Nile accelerates Signet’s efforts to expand its bridal offerings and grow its Accessible Luxury portfolio while extending its digital leadership in the jewelry category.
Separately, the company is updating its guidance for the second quarter and full year fiscal 2023 given heightened pressure on consumers’ discretionary spending and increased macroeconomic headwinds. Preliminary second-quarter total revenue is expected to be approximately $1.75 billion, and non-GAAP operating income is expected to be approximately $192 million. The company now expects fiscal 2023 total revenues of $7.6 billion to $7.7 billion and non-GAAP operating income in the range of $787 million to $828 million.