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
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
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.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
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.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
