AuctionsNov 13, 2026
Historic ‘Romanov Sapphire’ Achieves $4.9M at Sotheby’sThe 197-carat Russian Crown jewel was the leading lot of Sotheby's white-glove Royal & Noble Jewels sale this week.
FinancialsDec 05, 2019
Signet Exceeds Expectations With a Strong Q3
Same-store sales rose at all U.S. mall-based banners while online sales posted double-digit growth.
Signet Jewelers-owned Piercing Pagoda posted its sixth consecutive quarter of double-digit growth in Q3, with same-store sales rising 12 percent.
Akron, Ohio—Signet Jewelers Ltd. exceeded expectations in the third quarter, as comps rose at all U.S. mall-based banners and online sales posted double-digit growth.
In the third quarter ended Nov. 2, Signet’s same-store sales rose 2.1 percent year-over-year.
E-commerce sales were up 11 percent to $139.9 million, and accounted for 12 percent of total sales, up from 11 percent a year ago.
Brick-and-mortar same-store sales grew 1 percent.
Total sales reached $1.19 billion, essentially flat year-over-year on a both a reported and constant-currency basis.
Signet also reported a smaller-than-expected loss in the quarter, $43.7 million, causing its shares to rise 8 percent in pre-market trading.
It was the retailer’s North American chains—particularly Piercing Pagoda—and online sales that drove the increase while U.K. stores struggled due to Brexit, with comps dropping 5 percent, executives said on Thursday morning’s earnings call.
North America same-store sales were up 3 percent in the quarter. Average transaction value inched up 1 percent while the number of transactions increased 3 percent.
Kay and Jared stores held a lot of clearance sales in the third quarter, which ultimately impacted gross margin, though Chief Financial Officer Joan Hilson noted on the call, “Underneath that, we are pleased by the performance of new product.”
Signet’s total GAAP gross margin was $367.7 million, or 31 percent of sales, down 20 basis points year-over-year.
The retailer’s top performer in the third quarter was James Allen, which posted a 16 percent sales increase, followed by Piercing Pagoda at 12 percent.
CEO Gina Drosos said Q3 marked Piercing Pagoda’s sixth consecutive quarter of double-digit growth.
In addition, the ear piercing chain opened 11 new kiosks in “top-performing malls” in the period and launched its first advertising campaign.
Kay Jewelers saw same-store sales increase 4 percent, with the “Center of Me” collection, a line of Hallmark-branded jewelry, and Adrianna Papell bridal among the top sellers.
Comps at Zales were up 3 percent, due in part to the new Marilyn Monroe collection as well as the Disney-licensed “Frozen 2” and “Maleficent” lines.
Jared the Galleria of Jewelry (down 3 percent), Canadian chain Peoples (down 4 percent) and regional banners (down 16 percent) all posted same-store sales declines.
On Thursday’s call, Drosos said Signet has improved the effectiveness of its advertising spend, particularly by using data analytics to target customers online, and adopted a “mobile-first” approach to online advertising.
RELATED CONTENT: Mobile Shopping Emerges as an Early Holiday Winner
She
said the company launched its holiday marketing in the third quarter in order to begin driving awareness earlier.
Drosos also mentioned Signet’s efforts to improve the in-store experience and focus on services, which she called “an important part of our long-term strategy.”
Following a limited test run, Signet is now doing ear piercing in more than 400 Kay Jewelers stores.
It’s also ramping up its repair business across all banners.
Drosos said this coming weekend, the retailer is holding “Get Your Sparkle On” events in Kay, Jared and Zales stores. Customers are given a free jewelry cleaning and 10 percent off repair services.
Despite a relatively strong Q3, Signet still expects to post a same-store sales decline for the fiscal year of 1 to 2 percent, with total sales of $6.01 billion to $6.05 billion.
“Our financial guidance embeds the progress we have seen year to date balanced with our expectation for a competitive retail holiday environment,” as well as a shorter holiday season and continued impact from Brexit in the U.K., Drosos said.
As announced earlier this year, Signet will close 150 stores this fiscal year and open 35. Counted among the openings are some mall stores that are being moved to off-mall locations.
Net selling square footage will decline about 3 percent as a result of the closures.
The retailer said Thursday that it has closed 86 stores in the fiscal year to date.
Since FY 2018, Signet has reduced the size of its store base by 12 percent. Its store count as of Nov. 2 stands at 3,274: 2,813 locations in North America and 461 in the U.K.
The retailer is exiting failing malls and “simplifying its portfolio” by eliminating most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
Drosos also mentioned Signet’s efforts to improve the in-store experience and focus on services, which she called “an important part of our long-term strategy.”
Following a limited test run, Signet is now doing ear piercing in more than 400 Kay Jewelers stores.
It’s also ramping up its repair business across all banners.
Drosos said this coming weekend, the retailer is holding “Get Your Sparkle On” events in Kay, Jared and Zales stores. Customers are given a free jewelry cleaning and 10 percent off repair services.
Despite a relatively strong Q3, Signet still expects to post a same-store sales decline for the fiscal year of 1 to 2 percent, with total sales of $6.01 billion to $6.05 billion.
“Our financial guidance embeds the progress we have seen year to date balanced with our expectation for a competitive retail holiday environment,” as well as a shorter holiday season and continued impact from Brexit in the U.K., Drosos said.
As announced earlier this year, Signet will close 150 stores this fiscal year and open 35. Counted among the openings are some mall stores that are being moved to off-mall locations.
Net selling square footage will decline about 3 percent as a result of the closures.
The retailer said Thursday that it has closed 86 stores in the fiscal year to date.
Since FY 2018, Signet has reduced the size of its store base by 12 percent. Its store count as of Nov. 2 stands at 3,274: 2,813 locations in North America and 461 in the U.K.
The retailer is exiting failing malls and “simplifying its portfolio” by eliminating most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
More on Financials
The Latest
CollectionsNov 13, 2026
Maison Marcelle’s Bracelet Flows Like FabricThe “Équation” bracelet, our Piece of the Week, was built via 24 gold modules assembled into a piece that feels like fabric on the wrist.
IndependentsNov 13, 2026
Texas Jeweler to Close After 111 YearsAlter’s Gem Jewelry in Beaumont, Texas, is closing as Brian and Lori Alter retire to spend more time with family.
Brought to you by
DSF Antique Jewelry: Fine Jewelry, Signed Designers, and a World of Rare DiscoveriesWith over 50 years experience in the trade, DSF Antique Jewelry offers quality, craftsmanship, condition, and remarkable variety.
Events & AwardsNov 13, 2026
Tiffany & Co., CFDA Unveil Second Jewelry Designer Award Finalists Five finalists have been chosen for the Tiffany & Co. x CFDA Jewelry Designer Award’s second cycle.
Weekly QuizNov 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 12, 2026
1 of 7 Men Charged in $100M Brinks Heist to Plead GuiltyThree of the other alleged perpetrators will stand trial next March, while two remain on the lam and one was deported late last year.
AuctionsNov 12, 2026
24-Carat ‘Bulgari Pink’ Diamond Sells for $14.8MUnseen for more than seven decades, the fancy intense pink diamond was the star of Christie’s Geneva jewelry auction.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
WatchesNov 12, 2026
Zadok Jewelers Now Offers Certified Pre-Owned Rolex WatchesThe curated selection is available online and at its showroom in Austin, Texas.
IndependentsNov 12, 2026
Greenberg’s Jewelers Welcomes New Fourth-Generation MembersThe next generation understands what makes the 126-year-old retailer special, said CEO and Co-President Elise Greenberg.
Lab-GrownNov 10, 2026
GIA Examines Pink Lab-Grown Diamond Made to Look NaturalThe 6-carat CVD-grown pink diamond was “deliberately modified” to mimic the appearance of a natural rough diamond, the lab said.
SourcingNov 10, 2026
Botswana in Line to Take Controlling Stake in De Beers, President Says If the Global Diamond Consortium emerges as the top bidder for De Beers, Botswana’s stake will double to 30 percent, Duma Boko said Monday.
ColumnistsNov 10, 2026
Who Checks the Facts When AI Writes Your Jewelry Copy?An incorrect AI-generated ad or product description can cost your store valuable consumer trust.
Events & AwardsNov 09, 2026
Here Are the 2027 Gem Award NomineesThese nine individuals and brands are up for a Gem Award in the Jewelry Design, Media Excellence, and Retail Innovation categories.
CrimeNov 09, 2026
Jeweler Pistol-Whipped, $900K in Jewelry Stolen During Home Invasion The incident, which happened in Miami-Dade County, serves as a reminder to jewelers of the dangers of selling and storing jewelry at home.
GradingNov 09, 2026
GIA Acquires Thousands of Gem Specimens With ‘Extraordinary’ InclusionsGIA Analytical Microscopist John Koivula curated the collection of 2,665 crystals, gems, and minerals over a 60-year span.
CollectionsNov 09, 2026
Bibi van der Velden’s Alligators Become High JewelryThe “Eclipse” collection, the brand’s first high jewelry line, centers its alligator motif in diamond and spinel jewels.
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
