ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
FinancialsMar 14, 2018
Signet to Close 200+ Stores This Fiscal Year
It’s part of a three-year turnaround plan announced Wednesday called the “Path to Brilliance.”
Continuing credit issues and the declining popularity of “Ever Us” resulted in a difficult year for Signet-owned chain Kay Jewelers. The retailer recorded an 11 percent drop in same-store sales in the fourth quarter and 8 percent decline for the fiscal year.
Akron, Ohio--Signet Jewelers Ltd. is set to shutter 200-plus stores this year as part of a three-year turnaround plan announced Wednesday.
The introduction of the plan comes as the retailer continues to see sales slip but enters its first full fiscal year under the leadership of CEO Virginia Drosos, who started in August.
Signet’s same-store sales slid 5 percent in the fourth quarter and full year ended Feb. 3, with Kay Jewelers and Jared the Galleria of Jewelry stores accounting for much of the decline.
The company’s Sterling Jewelers division, which includes Kay, Jared and regional brands, posted a 9 percent drop in same-store sales in the fourth quarter and a 7 percent decline for the year.
The retailer pointed to ongoing issues with the outsourcing of its credit program as well as declining sales of Ever Us, the two-stone collection that was a bestseller when first introduced.
Zale Jewelry’s same-store sales rose 4 percent in the fourth quarter, driven by the new Enchanted Disney collection, line extensions to Vera Wang Love and an improved selection of solitaires and fancy-cut diamonds. For the year, same-store sales declined 2 percent, with strength in Disney and Vera Wang sales offset by weakness in bridal and beads.
During the company’s earnings call Wednesday morning, Drosos said the retailer is losing bridal sales to online competitors as well as to independent jewelers who are offering a “very personalized relationship” with customers, which is outweighing the competitive advantage Signet feels it has in selection.
Total sales for Signet, including its U.K. division, were $2.29 billion in the fourth quarter, up 1 percent year-over-year, and $6.25 billion for the year, down 2.4 percent. The total sales calculation includes an extra calendar week when compared with the previous fiscal year.
Drosos called the year “challenging.” The company expects comps to decline again this fiscal year, which she said will be a “transitional year” for the retailer as it implements its three-year turnaround plan.
The plan, termed the “Signet Path to Brilliance,” includes an evaluation of the company’s physical footprint, which Signet said it believes will result in the closure of more than 200 stores by the end of fiscal 2019. About three-quarters of the stores that will close are located in malls where Signet has already has another store. In addition, over the next three years, Signet will close all its regional brand stores.
Two hundred stores represents about 6 percent of
Editors' Picks
Sponsored by
Signet’s total store fleet, which numbered 3,556 as of the close of the fiscal year on Feb. 3. A company spokesman said that Signet will open between 35 and 40 stores in FY 2019, including some new concept stores.
The 200-plus closings follow a year in which Signet shuttered 242 stores but opened 116, for a net reduction of 126.
Improving its omnichannel capabilities is another facet of the turnaround plan, with Drosos outlining a few specifics during Wednesday’s call: allowing customers to check the inventory of any Signet store while online in a store; the expansion of online appointment booking; more personalized content on its websites; and the expansion of online wish lists.
This year also marks the first in which Signet will be operating with a fully outsourced credit program.
The retailer announced Wednesday that it has sold the remaining, non-prime portion of its accounts receivable to investment funds managed by CarVal Investors for $401 to $435 million.
This means Signet has gotten all the credit programs it used to handle in-house off its books, a process that began in May 2017.
The board appointed Sharon L. McCollam and Nancy A. Reardon as directors, effective March 13.
McCollam was the executive vice president, chief administration and chief financial officer at Best Buy Co. Inc. from 2012 to 2017, and currently also serves on the board of Stitch Fix Inc., an online apparel subscription company.
Reardon has 33 years of human resources experience, most recently working as the chief human resources and communications officer for the Campbell Soup Co. from 2004 until her retirement in 2012. She currently is on the board of directors for Big Lots Inc. and Kids II, which sells toys and other gear for infants and toddlers.
Signet’s board now numbers 12, six of whom are women.
Grant is being replaced by Randi Abada, whose title will be senior vice president of corporate finance strategy and investor relations.
Editor’s note: This story was updated with information recevied post-publication.
The 200-plus closings follow a year in which Signet shuttered 242 stores but opened 116, for a net reduction of 126.
Improving its omnichannel capabilities is another facet of the turnaround plan, with Drosos outlining a few specifics during Wednesday’s call: allowing customers to check the inventory of any Signet store while online in a store; the expansion of online appointment booking; more personalized content on its websites; and the expansion of online wish lists.
This year also marks the first in which Signet will be operating with a fully outsourced credit program.
The retailer announced Wednesday that it has sold the remaining, non-prime portion of its accounts receivable to investment funds managed by CarVal Investors for $401 to $435 million.
This means Signet has gotten all the credit programs it used to handle in-house off its books, a process that began in May 2017.
RELATED CONTENT: A Q&A with the New CEO of Signet JewelersAlso on Wednesday, Signet announced the addition of two women to its board of directors and the departure of James Grant, the vice president of investor relations.
The board appointed Sharon L. McCollam and Nancy A. Reardon as directors, effective March 13.
McCollam was the executive vice president, chief administration and chief financial officer at Best Buy Co. Inc. from 2012 to 2017, and currently also serves on the board of Stitch Fix Inc., an online apparel subscription company.
Reardon has 33 years of human resources experience, most recently working as the chief human resources and communications officer for the Campbell Soup Co. from 2004 until her retirement in 2012. She currently is on the board of directors for Big Lots Inc. and Kids II, which sells toys and other gear for infants and toddlers.
Signet’s board now numbers 12, six of whom are women.
Grant is being replaced by Randi Abada, whose title will be senior vice president of corporate finance strategy and investor relations.
Editor’s note: This story was updated with information recevied post-publication.
More on Financials
The Latest
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SourcingSep 14, 2026
Gemfields Sells All Lots at First Emerald Auction in 9 MonthsThe company’s managing director of sales said the results demonstrate “continued strong demand for commercial-quality emeralds.”
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingSep 14, 2026
Diamonds Do Good Pledges Support for Eye Care ProgramThe nonprofit awarded a grant to the Gift of Sight initiative spearheaded by South African musician Black Coffee.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
