CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
FinancialsNov 21, 2017
Signet’s Q3 Same-Store Sales Drop 5%
The retailer said the hurricanes and problems surrounding the outsourcing of its credit portfolio contributed to the decline.
Kay Jewelers’ parent company Signet Jewelers Ltd. reported a 5 percent decline in third quarter comps, with sales impacted primarily by the hurricanes in Florida and Texas and issues with the migration of its credit portfolio.
Akron, Ohio--Signet Jewelers Ltd. recorded another quarterly comp decline, this one attributable in part to long wait times for customers applying for credit and, as a result, lost sales.
In the third quarter ended Oct. 28, Signet recorded a 5 percent year-over-year drop in comps. Same-store sales were down across all banners with the exception of Piercing Pagoda, which recorded a 2 percent increase.
Total sales were $1.2 billion, down 2.5 percent (2.8 percent on a constant exchange rate basis) when compared with last year.
Gross margin also dropped to 27.8 percent of sales due in part to the acquisition of R2Net, the parent company of Segoma Imaging Technologies and JamesAllen.com.
Signet completed the acquisition in September.
The retailer has begun integrating the company’s technologies into its websites, including its build-a-ring platform onto Jared the Galleria of Jewelry’s website. And it saw its e-commerce sales for the quarter increase 56 percent in part due to the acquisition, but the addition of an online retailer also was a drag on margins.
On the company’s earnings call Tuesday morning, new CEO Gina Drosos described the company’s third quarter as “challenging,” citing the hurricanes--Signet has a strong footprint in both Texas and Florida--and problems with the company’s credit outsourcing processes as the contributing factors.
Signet completed the previously announced outsourcing of more than 2 million credit accounts to Alliance Data System Corp. during Q3. (The company is still looking for a buyer for the remainder of its portfolio, and Drosos said Tuesday it expects to find one in the first half of next year.)
There were technology as well as process and change issues associated with the transition that resulted in longer-than-usual wait times for customers applying for credit, which frustrated them and, in some cases, resulted in them walking away from the sale. The problems impacted bridal sales specifically, which are higher-ticket sales and, thereby, more often involve customers applying for credit.
“We’re all disappointed that this didn’t go more smoothly,” Drosos said.
Signet expects the problems with the transition of its credit portfolio to continue into the critical fourth quarter, and has downgraded its forecast. It now anticipates a mid-single-digit decline in same-store sales.
The retailer already has begun advertising its key collection for the fourth quarter, “Interwoven,” which is targeted for gifting by younger couples.
Interwoven is comprised of 36 SKUs, most of which will be priced below $1,000.
The collection is part of the retailer’s expanded range of $200 to $700 fashion jewelry introduced this year, joining the Disney Enchanted collection it has expanded to all Zales and Peoples stores, as well as Emmy London, a line of fashion jewelry by British shoe designer Emmy Scarterfield sold at Kay Jewelers.
While there are TV ads for Interwoven, Signet said overall it has cut the number TV commercials it’s running in Q4 nearly in half as it shifts to more digital advertising.
Drosos said that digital will make up about 30 percent of Signet’s overall marketing spend in Q4, nearly double the 19 percent from last year.
Some of that money is being allocated to social media.
Signet launched its first social media influencer campaign in the third quarter, Drosos said, and will be extending it to 100 influencers in the fourth quarter. She said they expect them to generate 100 million impressions on social media.
While there are TV ads for Interwoven, Signet said overall it has cut the number TV commercials it’s running in Q4 nearly in half as it shifts to more digital advertising.
Drosos said that digital will make up about 30 percent of Signet’s overall marketing spend in Q4, nearly double the 19 percent from last year.
Some of that money is being allocated to social media.
Signet launched its first social media influencer campaign in the third quarter, Drosos said, and will be extending it to 100 influencers in the fourth quarter. She said they expect them to generate 100 million impressions on social media.
More on Financials
The Latest
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
