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.
More on Financials
The Latest
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
