GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
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
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
