FinancialsMar 15, 2024
Brilliant Earth Posts Record Sales, Orders in 2023FinancialsMar 20, 2024
Signet’s Q4 Same-Store Sales Sink 10%
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
A 14-karat white gold cushion-cut tanzanite ring ($15,000) from Signet Jewelers-owned banner Jared. Signet struggled in the fourth quarter and the full year as the bridal market continues its recovery.
Akron, Ohio—Signet Jewelers Ltd. posted declines in total revenue and same-store sales for the fourth quarter and fiscal year 2024 due to softness in the market for engagement rings and a slow holiday season.
The retailer, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, has been hit by the lull in engagements following the COVID-19 pandemic, but said it expects to see incremental improvements in the coming years.
“We’re seeing engagements recover as we expected they would,” CEO Virginia C. Drosos said on an earnings call Wednesday morning, noting there will be a “gradual, incremental improvement in trends over the next three years.”
She predicted U.S. engagement rates in fiscal 2025 will increase 5 to 10 percent compared with fiscal 2024, though they are off to a slow start so far.
Engagements were down low-to-mid single digits in Q1 of this fiscal year, Chief Financial Officer Joan Hilson said on the call Wednesday.
The decline in the bridal market took a toll on sales.
For the quarter ending Feb. 3, Signet’s sales totaled $2.5 billion, down 6 percent year-over-year. Same-store sales were down 10 percent.
The company noted it lost approximately $25 million in sales due to its recent sale of 15 Ernest Jones stores to Watches of Switzerland.
For the full year, sales totaled $7.2 billion, down 9 percent year-over-year. Same-store sales were down 12 percent.
In addition to soft engagement ring sales, the company had a slow holiday season.
“As anticipated, we saw a late shopper this holiday,” said Drosos, noting customers were holding out for deals, particularly since there was an extra weekend in December.
She also said the industry was “overstocked,” leading to a lot of markdowns.
It was a similar situation for Valentine’s Day, Drosos said, with “value-motivated” shoppers heading to stores late.
“We believe consumers will remain focused on value this year,” she said.
Same-store sales, however, are expected to improve through fiscal 2025, Drosos said, driven in part by engagement recovery, the acquisition of new customers, and new products.
Related stories will be right here …
The retailer, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, has been hit by the lull in engagements following the COVID-19 pandemic, but said it expects to see incremental improvements in the coming years.
“We’re seeing engagements recover as we expected they would,” CEO Virginia C. Drosos said on an earnings call Wednesday morning, noting there will be a “gradual, incremental improvement in trends over the next three years.”
She predicted U.S. engagement rates in fiscal 2025 will increase 5 to 10 percent compared with fiscal 2024, though they are off to a slow start so far.
Engagements were down low-to-mid single digits in Q1 of this fiscal year, Chief Financial Officer Joan Hilson said on the call Wednesday.
The decline in the bridal market took a toll on sales.
For the quarter ending Feb. 3, Signet’s sales totaled $2.5 billion, down 6 percent year-over-year. Same-store sales were down 10 percent.
The company noted it lost approximately $25 million in sales due to its recent sale of 15 Ernest Jones stores to Watches of Switzerland.
For the full year, sales totaled $7.2 billion, down 9 percent year-over-year. Same-store sales were down 12 percent.
In addition to soft engagement ring sales, the company had a slow holiday season.
“As anticipated, we saw a late shopper this holiday,” said Drosos, noting customers were holding out for deals, particularly since there was an extra weekend in December.
She also said the industry was “overstocked,” leading to a lot of markdowns.
It was a similar situation for Valentine’s Day, Drosos said, with “value-motivated” shoppers heading to stores late.
“We believe consumers will remain focused on value this year,” she said.
Same-store sales, however, are expected to improve through fiscal 2025, Drosos said, driven in part by engagement recovery, the acquisition of new customers, and new products.
Looking to its sales in North America, where banners include Zales and Kay Jewelers as well as Peoples in Canada, the company struggled with technical difficulties.
Signet’s fourth-quarter sales in the region totaled $2.4 billion, down 6 percent year-over-year.
Same-store sales were down 10 percent, due in part to an integration issue at its digital banners (James Allen and Blue Nile), which led to fulfillment issues in the second half of the quarter.
The company is working to resolve these issues, said Drosos, but they have continued into fiscal 2025.
For the full-year, North American sales totaled $6.7 billion, down 8 percent year-over-year, while same-store sales fell 12 percent.
Signet’s international banners include Ernest Jones and H. Samuels.
International sales in the fourth quarter totaled $141.7 million, down 8 percent year over-year. Same-store sales were down 1 percent in the quarter.
For the full year, international sales totaled $430.7 million, down 8 percent year-over-year. Same-store sales were down 5 percent.
The company closed 30 Ernest Jones locations as it looks to “right-size” its footprint.
Though engagement ring sales struggled, the company found success in low-priced fashion jewelry, said Drosos.
Banter (formerly Piercing Pagoda) had the strongest same-store sales in the United States in Q4, coming in nearly flat, while Peoples in Canada and H. Samuels in the U.K. saw positive holiday same- store sales.
Signet’s services category was also a highlight, said Drosos, outperforming its merchandise.
The category will remain a key area of growth this fiscal year, she said, as it explores B2B services with independents and insurance companies.
As for its store fleet, the company closed 114 locations, mainly low-performing mall-based stores and U.K. locations, bringing its total to around 2,700 locations.
The company plans to invest in 20 to 30 new stores as well as nearly 300 renovations, focusing on Kay, Jared, and Diamonds Direct locations, as well as its e-commerce capabilities and digital and technology advancements, backed by around $160 million to $180 million in planned capital expenditures.
Looking ahead, Signet expects first-quarter sales to be $1.47 billion to $1.53 billion, with same-store sales down between 7 and 11 percent.
Full-year sales are projected to be $6.66 billion to $7.02 billion, with same-store sales down 5 percent to up less than 1 percent.
Editors' Picks
Sponsored by
More on Financials
The Latest
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More JewelryThe time to start experimenting with video content is now, writes columnist Emmanuel Raheb.
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic DesignFrom striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid TurnaroundThe jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.
