FinancialsDec 01, 2023
Movado Lowers Guidance Again After Q3 Sales DipFinancialsDec 05, 2023
Signet Jewelers’ Q3 Sales Down 12%
The retailer is still expecting a strong holiday season with improving demand for natural diamonds.
A lab-grown diamond engagement ring from the new “Neil Lane Artistry” collection at Signet Jewelers banner Kay Jewelers. Signet Jewelers reported a 12 percent decline in third-quarter revenue as engagement ring sales remain slow.
Akron, Ohio—Signet Jewelers Ltd. reported a double-digit drop in sales in the third quarter as engagements remain slow to recover, but it is still bullish on the holiday season. ahead
During an earnings call this morning, Signet CEO Virginia C. Drosos said fine jewelry is “experiencing its second COVID,” referencing the initial struggles to make sales during the early days of the pandemic, but said she is confident a rebound is ahead.
The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, noted an uptick in the number of engagement rings sold through Black Friday weekend.
Engagement units have begun to rebound in recent weeks, said Drosos, who reiterated the retailer’s prediction of a gradual three-year recovery.
Signet’s data shows engagements typically occur within three years of a couple dating, a trend that was interrupted by the COVID-19 pandemic resulting in fewer engagements this year.
However, the number of engagements is expected to pick up later in fiscal 2024, with a more robust rebound expected in fiscal 2025.
For the quarter ending Oct. 28, Signet’s sales totaled $1.4 billion, down 12 percent year-over-year but at the high end of its sales forecast for the quarter of $1.36 billion to $1.41 billion.
Same-store sales fell 12 percent.
Drosos noted the third quarter is usually unimpressive as it’s the one quarter without a major gifting holiday and is also when the company is investing in marketing for the upcoming holiday season.
In the first nine months of the year, Signet’s sales have totaled $4.67 billion, down 10 percent year-over-year.
Same-store sales in this period were down 13 percent.
In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s third-quarter sales in the region totaled $1.3 billion, down 12 percent year-over-year.
Same-store sales also were down 12 percent.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $94 million, down 1 percent year-over-year. Same-store sales were down 5 percent.
The company recently sold 15 Ernest Jones stores to Watches of Switzerland, with the accretive sale multiple generating proceeds of $53 million, which will add $12 million for Signet in Q4.
Signet said it may sell six additional Ernest Jones to Watches of Switzerland stores in the fourth quarter.
“The divestiture of this non-strategic business allows Signet to more quickly apply key elements of our U.K. transformation plan,” said the company.
Related stories will be right here …
During an earnings call this morning, Signet CEO Virginia C. Drosos said fine jewelry is “experiencing its second COVID,” referencing the initial struggles to make sales during the early days of the pandemic, but said she is confident a rebound is ahead.
The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, noted an uptick in the number of engagement rings sold through Black Friday weekend.
Engagement units have begun to rebound in recent weeks, said Drosos, who reiterated the retailer’s prediction of a gradual three-year recovery.
Signet’s data shows engagements typically occur within three years of a couple dating, a trend that was interrupted by the COVID-19 pandemic resulting in fewer engagements this year.
However, the number of engagements is expected to pick up later in fiscal 2024, with a more robust rebound expected in fiscal 2025.
For the quarter ending Oct. 28, Signet’s sales totaled $1.4 billion, down 12 percent year-over-year but at the high end of its sales forecast for the quarter of $1.36 billion to $1.41 billion.
Same-store sales fell 12 percent.
Drosos noted the third quarter is usually unimpressive as it’s the one quarter without a major gifting holiday and is also when the company is investing in marketing for the upcoming holiday season.
In the first nine months of the year, Signet’s sales have totaled $4.67 billion, down 10 percent year-over-year.
Same-store sales in this period were down 13 percent.
In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada.
Signet’s third-quarter sales in the region totaled $1.3 billion, down 12 percent year-over-year.
Same-store sales also were down 12 percent.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales totaled $94 million, down 1 percent year-over-year. Same-store sales were down 5 percent.
The company recently sold 15 Ernest Jones stores to Watches of Switzerland, with the accretive sale multiple generating proceeds of $53 million, which will add $12 million for Signet in Q4.
Signet said it may sell six additional Ernest Jones to Watches of Switzerland stores in the fourth quarter.
“The divestiture of this non-strategic business allows Signet to more quickly apply key elements of our U.K. transformation plan,” said the company.
Drosos forecast strong demand for natural diamonds as the oversupply begins to abate, adding that De Beers’ recent marketing investment should bolster the category.
While engagement ring sales are down, custom jewelry, particularly from Jared Foundry, has been popular, with unit growth up 40 percent in the quarter for those stores.
Over Black Friday weekend, jewelry under $1,000 remained popular, with the Banter by Piercing Pagoda banner doing particularly well.
Signet’s services category, which includes its extended service agreements, customization, repairs, and piercings, has continued to grow, with sales up 5 percent in the quarter and year-to-date.
In July, Signet Jewelers announced it had acquired the assets of the Service Jewelry Repair National Repair Center, or SJR, allowing it to bring more repairs in-house.
Looking to the holiday season, Drosos said, “Jewelry continues to be an important gifting category, particularly among Gen Z.”
For fiscal 2024, Signet lowered its guidance slightly to reflect the loss of an estimated $25 million in revenue after selling the 15 Ernest Jones stores to Watches of Switzerland.
It now expects sales of $7.07 billion to $7.27 billion, compared with its prior guidance for sales of $7.1 billion to $7.3 billion.
In the fourth quarter, the company is expecting sales of $2.4 billion to $2.6 billion.
More on Financials
The Latest
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
