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
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
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.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
