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
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
