MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
FinancialsApr 03, 2019
Signet Sees Q4 Revenue, Same-Store Sales Dip
The retailer battled a rough holiday season and declining demand for its legacy merchandise.
Same-store sales at Jared the Galleria of Jewelry, one of the chains owned by Signet Jewelers, fell more than 8 percent in the fourth quarter.
Akron, Ohio—Signet Jewelers Ltd. had a lackluster fourth quarter as weak holiday sales took a toll and demand waned for its legacy merchandise.
Quarterly revenue totaled $2.15 billion, dipping 6 percent compared with the $2.29 billion reported in the previous fourth quarter.
Same-store sales, a figure that includes both online and in-store sales, slipped 2 percent, an improvement compared with the 5 percent decline in comparable sales a year ago, with online outperforming in-store sales.
Quarterly e-commerce sales were up more than 5 percent to $260.6 million, accounting for 12 percent of overall sales compared with 11 percent last year, while brick-and-mortar same-store quarterly sales were down 3 percent.
The retailer recorded an operating loss of $83.5 million, or about 4 percent of sales, compared with an operating income of $323.5 million, or about 14 percent of sales, in the prior year’s fourth quarter.
The operating loss was attributed in part to a goodwill and intangible impairment charge of $286.7 million.
The charge consisted of a $261.4 million write-down of the James Allen assets due to the increasingly competitive online marketplace and Supreme Court’s ruling on online sales tax collection, as well as $25.3 million related to the company’s acquisition of its diamond polishing factory in Botswana.
Lower sales, higher promotions, a $27.1 million charge related to store closings and a $13.1 million charge related to the outsourcing of its credit program also contributed to the company slipping into the red in the fourth quarter.
In North America, Piercing Pagoda was the star of the quarter with same store sales climbing more than 17 percent. Zales trailed behind with same-store sales up 2 percent.
The rest of the brands didn’t fare as well, with same-store sales at James Allen down more than 1 percent, Kay down nearly 2 percent, and Jared dropping more than 8 percent.
Customers were drawn to the retailer’s new additions, but less interested in its legacy collections.
Overall bridal sales were flat on a same-store sales basis, with sales of engagement rings rising but anniversary sales falling, which the retailer attributed to declining interest in its “Ever Us” collection.
Top performers included solitaires, and the Enchanted Disney fine jewelry, Vera Wang Love and Neil Lane collections.
Overall sales in the fashion category dipped with LeVian and other legacy collections leading the decline.
However, gold fashion jewelry, Disney fashion jewelry, and the Love + Be Loved collection performed well.
Sales in the “others” category, which
Editors' Picks
Sponsored by
includes company-owned bead brands and Pandora, were down as well.
Signet Jewelers is in the midst of a three-year turnaround plan aimed to cut costs to spur future growth.
As part of its cost-cutting efforts, Signet offered a “voluntary transition program” to its more than 3,000 corporate employees in Akron, Ohio and Dallas earlier this year.
The retailer has a cost-savings figure it wants to hit via the voluntary transition program; if it does not achieve that figure, then layoffs will follow.
Asked about the program Wednesday, Signet Vice President of Corporate Affairs David Bouffard said:
“The VTP program ran through late March, we’ll be evaluating the results in mid-April, and departures will be held by the end of the month.”
The company also will close its manufacturing facility in Dallas, cutting 122 jobs.
Signet reported $85 million of net cost savings in its fiscal year.
CEO Virginia Drosos said in a company statement that while the company made progress with the program initiatives it did not finish the year “as strongly as expected.”
She pointed to a highly competitive promotional environment, consumer weakness in the UK, lower-than-expected customer demand for legacy merchandise collections, and a weak holiday season as contributing factors.
For the full fiscal year, Signet’s revenue was down slightly to $6.24 billion compared with $6.25 billion in the previous year.
However, same-store sales recovered somewhat, slipping just 0.1 percent compared with a more than 5 percent dip a year ago.
Looking to fiscal 2020, the company said it plans to take a “faster” and more “aggressive” approach to its transformation plan, strategically reducing its number of stores and reducing its exposure to “lower-grade malls,” said executives during its earning call.
For the first time in its history, the company plans to spend more on digital and social advertising than on TV advertising in fiscal 2020, according to executives on the earnings call.
Sales are expected to be between $6-$6.1 billion with same-store sales flat at best.
First quarter sales are projected to be between $1.42-$1.44 billion with same-store sales projected to be down at least a half-percent.
Also on Wednesday, an 8-K filing revealed that Chief Customer Officer Sebastian Hobbs is expected to step down as of April 4 but will stay on as an advisor until the end of June.
Newly appointed Chief Financial Officer Joan M. Hilson, former CFO of David’s Bridal and American Eagle Outfitters, is expected to begin this month.
Signet also has assembled a “Mall Leadership” team, combining the leadership of its Kay, Zales, and Peoples banners under one umbrella.
Signet Jewelers is in the midst of a three-year turnaround plan aimed to cut costs to spur future growth.
As part of its cost-cutting efforts, Signet offered a “voluntary transition program” to its more than 3,000 corporate employees in Akron, Ohio and Dallas earlier this year.
The retailer has a cost-savings figure it wants to hit via the voluntary transition program; if it does not achieve that figure, then layoffs will follow.
Asked about the program Wednesday, Signet Vice President of Corporate Affairs David Bouffard said:
“The VTP program ran through late March, we’ll be evaluating the results in mid-April, and departures will be held by the end of the month.”
The company also will close its manufacturing facility in Dallas, cutting 122 jobs.
Signet reported $85 million of net cost savings in its fiscal year.
CEO Virginia Drosos said in a company statement that while the company made progress with the program initiatives it did not finish the year “as strongly as expected.”
She pointed to a highly competitive promotional environment, consumer weakness in the UK, lower-than-expected customer demand for legacy merchandise collections, and a weak holiday season as contributing factors.
For the full fiscal year, Signet’s revenue was down slightly to $6.24 billion compared with $6.25 billion in the previous year.
However, same-store sales recovered somewhat, slipping just 0.1 percent compared with a more than 5 percent dip a year ago.
Looking to fiscal 2020, the company said it plans to take a “faster” and more “aggressive” approach to its transformation plan, strategically reducing its number of stores and reducing its exposure to “lower-grade malls,” said executives during its earning call.
For the first time in its history, the company plans to spend more on digital and social advertising than on TV advertising in fiscal 2020, according to executives on the earnings call.
Sales are expected to be between $6-$6.1 billion with same-store sales flat at best.
First quarter sales are projected to be between $1.42-$1.44 billion with same-store sales projected to be down at least a half-percent.
Also on Wednesday, an 8-K filing revealed that Chief Customer Officer Sebastian Hobbs is expected to step down as of April 4 but will stay on as an advisor until the end of June.
Newly appointed Chief Financial Officer Joan M. Hilson, former CFO of David’s Bridal and American Eagle Outfitters, is expected to begin this month.
Signet also has assembled a “Mall Leadership” team, combining the leadership of its Kay, Zales, and Peoples banners under one umbrella.
More on Financials
The Latest
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
