Financials

Signet Jewelers to Close Stores, Cut Staff Amid Declining Sales

FinancialsMar 19, 2025

Signet Jewelers to Close Stores, Cut Staff Amid Declining Sales

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

Lab-grown diamond engagement ring
A lab-grown diamond engagement ring by the Vera Wang Love brand, sold at Signet Jewelers-owned banner Zales. On Wednesday, Signet announced plans to close, renovate, and relocate stores and reduce it senior leadership by 30 percent after reporting a 7 percent drop in annual sales.
Akron, Ohio—Signet Jewelers Ltd. is planning to revamp its business following a disappointing fourth-quarter and fiscal year. 

New CEO J.K. Symancyk laid out the jewelry giant’s plans during its earnings call Wednesday morning, which include a new turnaround plan that encompasses leadership changes, store closures and renovations, and a focus on brand loyalty.

The new plan, titled “Grow Brand Love,” was created in response to the company’s “lack of growth,” he said.

It will focus on “creating a clear distinction between brands to attract new and loyal customers that see themselves reflected in the DNA of each brand,” said Symancyk.

Historically, Signet has referred to the store chains in its portfolio as “banners,” but Symancyk wants to change how they’re perceived by consumers.

“Brands build loyalty with customers through emotional and engaging connections, while banners are transactional, literally a static nameplate on the door,” Symancyk said.

Its three largest brands, Kay, Zales, and Jared, have high consumer awareness, he said, but growth has been “elusive” so the company will work on building brand loyalty.

The company plans to add more design-focused jewelry into its assortment to promote gifting and self-purchasing while also expanding its position in the bridal market, which has been struggling in the wake of the COVID-19 pandemic.

The strategy will require a reorganization, including reducing the ranks of its senior leadership by 30 percent, he said.

The company also said Wednesday that it will be evaluating 150 underperforming stores, primarily in malls, over the next two years and decide whether they should be closed or improved.

There are also plans to renovate 200 locations and possibly relocate another 200.

“Nearly 200 doors in our fleet have healthy performances but are in venues that we believe are in decline,” Signet Chief Financial, Strategy and Services Officer Joan Hilson said. “Over the next two to three years, we plan to reposition many of these stores to off-mall locations.”

This means that 550 stores, or roughly a quarter of Signet’s fleet, are up for closure, renovation, or relocation.

For the quarter ended Feb. 1, Signet’s overall sales totaled $2.35 billion, down 6 percent year-over-year and below its expectations.

Same-store sales slipped 1 percent.

For the full year, sales totaled $6.7 billion, down 7 percent year-over-year and also falling short of expectations.

Same-store sales fell 3 percent.

The bridal market has been struggling since the COVID-19 pandemic, weighing on its sales, but Hilson said the “engagement recovery” is continuing.

Symancyk said the company plans to grow its share in the bridal category (currently around 30 percent) through “assortment and price-point architecture,” leveraging its in-house design capabilities, adding modern designs, and working with its vendor partners.

As for fashion jewelry, he said the company may be able to increase its market share through gifting for milestones and other special occasions as well as self-purchasers.

The retailer also has plans to consolidate its repair services.

Signet provided an update on its holiday season sales in January, noting its performance fell below expectations, with same-store sales down, particularly in the days leading up to Christmas.

The company pointed to poor sales of fashion jewelry as the culprit, noting that consumers were looking for deals and it did not have enough lower-priced jewelry to meet their needs. 

“We will continue to make changes to our assortment this spring to drive improvement for the next two major gifting seasons, Mother’s Day and the winter holidays,” Symancyk said.

 Related stories will be right here … 

In North America, Signet’s banners include Zales, Jared, and Kay Jewelers, as well as Peoples in Canada.

Signet’s fourth-quarter sales in the region totaled $2.22 billion, down 6 percent year-over-year, while same-store sales in the region were down 1 percent.

For the full year, sales in North America totaled $6.3 billion, down 6 percent year-over-year with same- store sales declining 4 percent.

Signet’s international banners include U.K. stores Ernest Jones and H. Samuel.

International quarterly sales totaled $126.2 million, falling 11 percent year-over-year, with same-store sales down 2 percent.

For the full year, international sales totaled $372.3 million, tumbling 13 percent with same-store sales down 1 percent.

Signet expects first-quarter sales to total between $1.5 and $1.53 billion, with same-store sales flat to up 2 percent.

For the full year, the company forecasts sales of $6.53 to $6.8 billion, with same-store sales down 3 percent to up 2 percent.

The Latest

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

Weekly QuizMay 22, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

MJSA 2025-2026 Buyer’s Guide
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s Guide

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

Bulgari Invisible Violet Necklace and Rainbow Flow Necklace
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ Collection

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

Industry analyst Edahn Golan
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List

In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.

Beyoncé bolo tie necklace
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter Tour

The bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.

Gem Legacy logo
SourcingMay 21, 2025
Gem Legacy Expands Advisory Council

The nonprofit focused on mining communities in East Africa has added three new members to its advisory council.

Annie Doresca
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, President

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

National Jeweler columnist Peter Smith
ColumnistsMay 20, 2025
Peter Smith: Leading Through Change

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

Luis Morais Miami Beach Flagship Interior
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 Years

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.

Exterior of Tanishq Santa Clara Storefront
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. Store

Tanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.

New Cartier store at Los Angeles airport
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024

Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.

Instappraise and NAJA logos
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025

Two scholarships are available, one for new and non-members and another for NAJA certified members.

Day’s Jeweler’s Tuscan Village Location Painting
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth Location

The retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.

Gemfields emeralds, rubies, sapphires
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern World

Sapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”

Saks on Amazon flagship window
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online Storefront

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Graphic for My Next Question webinar with guest Peter Smith
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not Dead

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

Tejen Candy Bowl Torque Necklace
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque Necklace

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

1 Camilla Dietz Bergeron.jpg
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch Show

Sponsored by the Las Vegas Antique Jewelry and Watch Show

The Mediterranean Blue diamond
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’s

A private American collector purchased the 10-carat fancy vivid blue diamond.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy