CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
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
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
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
