CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
FinancialsJan 11, 2017
Signet Reports ‘Disappointing’ Holiday Sales
November-December comps were down 5 percent for the company that owns Kay Jewelers and Zales.
Lighter mall traffic was part of the reason Signet Jewelers saw holiday season sales drop. Same-store sales at Kay Jewelers stores specifically declined 5 percent, with freestanding stores outperforming mall locations.
Akron, Ohio--Hurt by the decline in mall traffic and lost online sales due to overloaded websites, Signet Jewelers Ltd. turned in what CEO Mark Light deemed a “disappointing” holiday performance.
Signet’s same-store sales in November and December declined nearly 5 percent, compared to an increase of 5 percent in the same period last year.
Total sales were $1.94 billion, down 5 percent from $2.05 billion last year.
At constant exchange rates, same-store sales were down 3 percent while total sales slipped 5 percent.
On a conference call Wednesday morning, Signet CEO Mark Light said the main driver behind the decline in sales was the poor performance of the websites for the Sterling division stores, Kay Jewelers, Jared the Galleria of Jewelry and its regional brands.
Signet upgraded its sites to include responsive design, better navigation and enhanced product detail pages, among other improvements, and tested them in the spring.
But the sites were never tested for the amount of traffic they would receive over the holiday season and didn’t hold up; they were slow, and there were customer communications issues and purchasing disruptions.
“The traffic was so heavy that our legacy systems couldn’t handle the improvements that we made,” Light said.
Signet’s e-commerce sales totaled $142.5 million in November and December, down 2 percent compared with the prior year.
The decline was due entirely to technical issues with the Sterling brands websites. Sites for brands in the Zale division, Zales Jewelers, Piercing Pagoda, Gordon’s Jewelers and Peoples and Mappins in Canada, recorded a 14 percent increase in sales.
Also compounding Signet’s problems this holiday season was the decline in mall traffic, which led to lower overall sales and forced department stores to be “highly promotional,” Light said, noting that Signet “elected consciously not to chase these sales” in an effort to maintain margin.
Kay Jewelers and Jared the Galleria of Jewelry both posted a nearly 5 percent decline in comps, while same-store sales were down 3 percent for Zales Jewelers. The Piercing Pagoda was the only Signet chain to record positive same-store sales, with a 4 percent increase on the back of strong sales of 14-karat gold jewelry.
Light said diamond fashion jewelry did well, including the Ever Us two-stone rings and extensions to the Vera Wang “Love” collection.
Signet lowered its guidance for its fiscal fourth quarter, which includes the month of January.
The retailer now expects a 4.3 to 4.8 percent decline in same-store sales for the
Editors' Picks
Sponsored by
period, up from the 2 to 4 percent previously forecast.
For the full fiscal year, comps are expected to be down 2 to 2.5 percent, up from the 1 to 2.5 percent previously forecast.
For the full fiscal year, comps are expected to be down 2 to 2.5 percent, up from the 1 to 2.5 percent previously forecast.
More on Financials
The Latest
SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
Brought to you by
Get Ready for the JA New York Spring ShowThis year will feature a new MJSA Showcase and partnership with Piazza Italia.
SourcingFeb 20, 2025
Anglo Writes Down Value of De Beers by $2.9B As anticipated, Anglo took another impairment charge on the diamond miner and marketer, which saw revenue sink 23 percent in 2024.
Weekly QuizFeb 21, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingFeb 20, 2025
Harry Winston’s Son Donates Fancy Red Diamond to the SmithsonianRonald Winston is giving the 2.33-carat “Winston Red” to the Smithsonian, 67 years after his father donated the Hope Diamond.
SourcingFeb 20, 2025
GJEPC Names New Chairman, Vice ChairmanKirit Bhansali, a partner in Smital Gems and chairman of India Jewellery Park, will take on the role of chairman.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
IndependentsFeb 20, 2025
IJO Elects 4 New Board MembersAlisha Cornett, Nic Faini, Eric Stevens, and Seth Shipley have joined the organization’s board of directors for a three-year term.
CrimeFeb 19, 2025
Brink’s to Pay $42M After Admitting to Illegally Transporting MoneyThe company has to pay the Justice Department and FinCEN for violating the Bank Secrecy Act, the U.S.’s main anti-money laundering law.
SourcingFeb 19, 2025
Diamond Mining Company CEO Steps Down Amid Sales Slump, LayoffsPetra Diamonds Ltd. CEO Richard Duffy resigned as the diamond miner reported a 30 percent drop in sales to start its fiscal year.
ColumnistsFeb 19, 2025
The Smart Lab: Maximizing Your Jewelry Brand on PinterestPinterest is a potential gold mine for jewelry brands, Emmanuel Raheb writes, provided they follow these five tips.
MajorsFeb 19, 2025
Cartier Opens New Store Inside LAXThe boutique is the French luxury brand’s first airport store on the West Coast.
CollectionsFeb 19, 2025
Swarovski’s NYC Flagship Celebrates Ariana Grande CollabThe store’s facade now features the iconic swan logo and campaign images of the “Wicked” star.
Policies & IssuesFeb 18, 2025
New Customs Requirements for Diamond Imports: What We KnowBeginning in April, companies importing diamonds into the United States will have to list the country in which the diamonds were mined.
AuctionsFeb 18, 2025
A Menagerie of Fabergé Coming to Sotheby’sAround 30 whimsical Fabergé animal carvings will go up for auction at Sotheby’s Geneva in May.
SourcingFeb 18, 2025
Celine Assimon Stepping Down as CEO of De Beers JewellersAssimon will be leaving at the end of February after nearly five years with De Beers.
CollectionsFeb 18, 2025
Tabayer Debuts Its First Men’s Jewelry SelectionsDesigns from the brand’s “Oera” collection have been reimagined with modern masculinity in mind.
SourcingFeb 14, 2025
Navneet Gems Now Offering Unheated Montana SapphiresThe wholesale collection features material from the Rock Creek mine in a variety of colors.
CollectionsFeb 14, 2025
Carolyn Rafaelian Partners with ‘Long Island Medium’ StarThe “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.
CollectionsFeb 14, 2025
Piece of the Week: Lorraine West’s Diamond ‘Open Heart’ RingShow some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.
CrimeFeb 13, 2025
Macy’s Employee Foils $1.5M Jewelry Theft The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.
Events & AwardsFeb 13, 2025
AGTA Announces Buyer’s Choice Award Winners for Spectrum, Cutting EdgeAGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.
CollectionsFeb 13, 2025
Royal Chain Releases Its Spring 2025 CatalogMore than 400 new pieces are featured in the supplier’s latest catalog.
TrendsFeb 13, 2025
Amanda’s Style File: Hearts for Valentine’s DayThis curation celebrates love with heart-shaped jewelry of all shapes and sizes.
Policies & IssuesFeb 13, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
