Signet Jewelers’ Q3 Sales Down 12%
The retailer is still expecting a strong holiday season with improving demand for natural diamonds.

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.
The Latest

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.


The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.