CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
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
Editors' Picks
Sponsored by
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
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
