TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
FinancialsMay 25, 2017
Signet Sees Comps Drop, Begins Outsourcing of Credit
The outsourcing includes a seven-year deal with Progressive Leasing that will allow customers who don’t qualify for credit to do a lease-purchase on jewelry.
Kay Jewelers parent company Signet Jewelers Ltd. saw comps drop nearly 12 percent in the first quarter, with the number of transactions declining at all Signet-owned stores due to a drop in foot traffic.
Akron, Ohio--Same-store sales sank nearly 12 percent in the first quarter for Signet Jewelers Ltd. due to a slowdown in jewelry spending in an already challenging retail environment.
Total sales for Signet in the first quarter ended April 29 were $1.40 billion, down 11 percent year-over-year.
At Kay Jewelers, Jared the Galleria of Jewelry and the regional stores under the Sterling Jewelers umbrella, same-store sales declined 13 percent, and they dropped the same amount at the stores under the Zale Jewelry umbrella, which includes Zales Jewelers, Gordon’s, Peoples and Mappins.
Piercing Pagoda posted the best performance, with same-store sales there declining only 1 percent on the back of strong sales of 14-karat gold chains, children’s jewelry and religious jewelry.
Same-store sales were down about 4 percent in the stores that Signet operates in the United Kingdom.
“As anticipated, we had a very slow start to the year,” Signet CEO Mark Light said on the company’s earnings call Thursday morning.
He attributed some of the drop in sales to Mother’s Day being later this year, which pushed all those dollars into the second quarter.
Light mentioned several times during the call the investments the company is making in digital marketing and improving the online experience for its customers--faster page downloads on its website, better SEO, online appointment booking, local store inventory search--and said they are starting to see these improvements “take hold.”
E-commerce was the only area in which Signet recorded positive first quarter results, with sales rising 1 percent from $80.1 million to $81 million.
Signet also has adopted a new clienteling system at its stores that, Light said, will better enable salespeople to optimize their interactions with customers before, during and after they visit stores.
“It’s all about making sure that we give our customers the superior, customer-first omnichannel experience.”
Signet plans to close 165 to 170 stores in fiscal 2018 and open about 90 to 115; its net selling square footage will remain flat or decline 1 percent. The stores the retailer is closing primarily will be in malls, where foot traffic has declined sharply in recent years, while the openings will mainly be Kay off-mall locations.
Also on Thursday morning, Signet announced that it has begun the outsourcing of its in-house credit program.
Expected to be fully implemented by October, the first phase of the outsourcing involves Signet selling $1.0 billion of its prime-only credit
quality accounts receivable to Alliance Data System Corp. at par value.
Signet also inked a seven-year agreement with Alliance Data to become its primary provider of credit funding, servicing and associated program functions to customers of Kay Jewelers, Jared the Galleria of Jewelry and its regional brands. (Alliance Data has been providing credit services to customers who shop at the stores under the Zale umbrella since 2013.)
For now, Signet will keep the non-prime accounts on its balance sheet and continue to open new accounts, but will outsource the credit servicing functions to Genesis Financial Solutions for an initial term of five years.
In addition, Signet has signed a seven-year deal with Progressive Leasing--a subsidiary of lease-to-own retailer Aaron’s Inc.--that will allow customers who don’t quality for any sort of credit to do a lease-purchase on their jewelry. The leasing program is expected to be available in Signet’s U.S. stores by July.
Signet executives said during Thursday morning’s earnings call that under the terms of its deal with Progressive, the latter will buy the jewelry from Signet and then enter into the lease contract with the customer.
By the end of the first phase of outsourcing, Signet will have sold more than half (55 percent) of its credit portfolio to Alliance Data.
About 250 employees who worked on in-house credit for Signet will become employees of Alliance Data and about 650 employees will go to Genesis Financial Solutions, with the remaining employees being retained by Signet for customer care operations.
Signet started taking a hard look its in-house credit program in 2016 after analysts began questioning the amount of risk the retailer was assuming.
Signet plans to eventually outsource its entire credit program, but company executives said on Thursday’s call they don’t have a timeline for that yet.
Signet also inked a seven-year agreement with Alliance Data to become its primary provider of credit funding, servicing and associated program functions to customers of Kay Jewelers, Jared the Galleria of Jewelry and its regional brands. (Alliance Data has been providing credit services to customers who shop at the stores under the Zale umbrella since 2013.)
For now, Signet will keep the non-prime accounts on its balance sheet and continue to open new accounts, but will outsource the credit servicing functions to Genesis Financial Solutions for an initial term of five years.
In addition, Signet has signed a seven-year deal with Progressive Leasing--a subsidiary of lease-to-own retailer Aaron’s Inc.--that will allow customers who don’t quality for any sort of credit to do a lease-purchase on their jewelry. The leasing program is expected to be available in Signet’s U.S. stores by July.
Signet executives said during Thursday morning’s earnings call that under the terms of its deal with Progressive, the latter will buy the jewelry from Signet and then enter into the lease contract with the customer.
By the end of the first phase of outsourcing, Signet will have sold more than half (55 percent) of its credit portfolio to Alliance Data.
About 250 employees who worked on in-house credit for Signet will become employees of Alliance Data and about 650 employees will go to Genesis Financial Solutions, with the remaining employees being retained by Signet for customer care operations.
Signet started taking a hard look its in-house credit program in 2016 after analysts began questioning the amount of risk the retailer was assuming.
Signet plans to eventually outsource its entire credit program, but company executives said on Thursday’s call they don’t have a timeline for that yet.
More on Financials
The Latest
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
