ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
FinancialsAug 18, 2016
Sterling introduces new outlet concept, Jared Vault
Sterling Jewelers is converting some of the Ultra Diamond outlets it purchased in 2012 into Jared Vault stores, a chain of outlet stores that sell overstock from Jared the Galleria of Jewelry.
Akron, Ohio--Sterling Jewelers is converting some of the Ultra Diamond outlets it purchased in 2012 into Jared Vault stores, a chain of outlet stores that sell overstock from Jared the Galleria of Jewelry.
During a conference call held Thursday morning, company executives said they opened 18 Jared Vault stores in the first quarter, and expect to convert another 13 in the second quarter for a total of 31, essentially completing the transition of all Ultra stores into either Kay Outlet or Jared Vault stores.
While a company spokesman declined to provide a specific listing of the locations of the 31 Jared Vault stores, he did confirm they are located throughout the South, with some in the Northeast and a few in the West and Midwest.
“We are really excited by what we have seen in Jared Vaults,” Mike Barnes, CEO of Signet Jewelers Ltd., Sterling’s parent company, said during the call. “I don’t want to get too far in front of it but it was really dramatic the change we saw when we changed the nameplates.
“Vault gives it the feeling you are getting something valuable and not just discounted merchandise.”
Signet made the announcement Thursday morning during its first quarter earnings call with investors and analysts.
Sales were strong for the retailer in the first part of the year, and company executives said they continued to be strong in May, especially for Mother’s Day.
Signet’s U.S. division, comprised of Kay Jewelers, Jared the Galleria of Jewelry and a number of regional brands, posted a 3 percent year-over-year increase in same-store sales. Kay Jewelers turned in the strongest performance, with comps up 4 percent as compared with a 2 percent increase for Jared. An increase in the number of transactions at both drove the same-store sales increase.
Total U.S. sales rose 5 percent to $903.5 million. Fashion diamond jewelry, bridal and watches were the company’s best-sellers in the first quarter.
E-commerce sales rose 21 percent to $30.9 million, and more than 40 percent of visitors to the company’s e-commerce websites came from mobile devices.
Including Signet’s U.K. division, first quarter same-store sales were up 3 percent year-over-year, with the U.K. division posting
a 4 percent increase in same-store sales. Total sales for the company rose 6 percent, from $993.6 million to $1.06 billion.
The Zale shareholder vote on the Signet merger is set for May 29.
Editor's note: This story was updated after publication on May 22 to add a comment from Signet Jewelers Ltd. on the location of its Jared Vault stores.
Operating income was $150.7 million, compared with $142.8 million a year ago.
“We remain pleased with our performance also for the first several weeks of May, including Mother’s Day,” Barnes said, adding that the retailer’s second quarter sales performance has been better than expected to date.
Also on Thursday, Signet released a statement reiterating its commitment to the $21-per-share price it is offering to buy rival Zale Corp., a price that has come under fire from certain groups of investors who say it is too low and are encouraging Zale’s shareholders to vote against the acquisition.
Signet urged Zale shareholders to vote for the merger. The company also said in the event the transaction doesn’t go through it remains “acutely focused on its own business.”The Zale shareholder vote on the Signet merger is set for May 29.
Editor's note: This story was updated after publication on May 22 to add a comment from Signet Jewelers Ltd. on the location of its Jared Vault stores.
More on Financials
The Latest
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
