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.

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.
The Latest

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.


The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Lori Tucker started at Williams Jewelers when she was 18 years old.

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

The winning designs captured the “Radiance” theme.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.