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.
FinancialsMar 26, 2020
Signet Beats Expectations in Q4, Leans on Online Sales
With its stores closed in light of the coronavirus, the jeweler is cutting costs and looking to online sales to help carry it through rough waters.
A 14-karat white gold and diamond pendant (1.5 carats total weight) from Kay Jewelers’ new “Center of Me” collection. The collection did particularly well in the fourth quarter and the full year.
Akron, Ohio—Signet Jewelers Ltd. ended its fiscal year on a high note, posting double-digit growth in ecommerce sales and topping analyst expectations for fourth-quarter revenue and same-store sales growth.
In the months ahead, however, the giant specialty jeweler—like so many brick-and-mortar businesses—faces unprecedented challenges as it figures out how to survive the potentially long-term shuttering of most of its stores.
In the fourth quarter ending Feb 1., sales totaled $2.15 billion, down 0.1 percent year-over-year, with same-store sales up 2 percent.
Analysts expected $2.12 billion in revenue and same-store sales growth of 1 percent.
For the full year, sales totaled $6.1 billion, down 2 percent, with same-store sales up 1 percent.
On an earnings call Thursday morning, CEO Virginia Drosos said the company’s holiday momentum continued through the fourth quarter, with strong Valentine’s Day sales and a positive response to its marketing.
Now, with all its 2,800 locations in North America temporarily closed in response to the coronavirus pandemic, Signet must cut costs and lean on online sales in order to navigate the crisis.
“We’re leveraging the expertise of our digitally native banner JamesAllen.com to rapidly advance our online selling assistance tools across all of our banners,” said Drosos.
“To achieve immediate ecommerce impact, we are focused on enhancing search and browse, easier checkout, and even more advanced custom design capabilities to create an optimized and frictionless shopping experience for customers,” she added.
Ecommerce sales in the fourth quarter grew 15 percent to $299.9 million, accounting for 14 percent of all sales, up from 12 percent last year, while brick-and-mortar sales grew 1 percent.
Full-year ecommerce sales were up 10 percent, clocking in at $750.4 million and accounting for 12 percent of sales, up from 11 percent last year, while brick-and-mortar sales dipped 1 percent.
In North America, where Signet’s banners include Kay, Jared and Zales, fourth-quarter same-store sales grew 3 percent, ecommerce sales 15 percent, and brick-and- mortar same-store sales 1 percent, with growth seen across all mall-based banners.
For the full year, North American same-store sales were up 1 percent, ecommerce sales 11 percent, and brick-and-mortar same store sales down 0.2 percent.
The bridal and fashion category did particularly well on a same-store sales basis for the quarter and the full year, which the company attributed to its new collections, “Center of Me” and “Marilyn Monroe.”
The percentage of sales from new merchandise increased for the full year, particularly its Center of Me and “Love +
Be Loved” collections, though it was offset by a decline in legacy product sales.
Sales in the watches and other categories were down on a same-store sales basis for the quarter and the year.
By banner, e-tailer James Allen was the top performer with same-store sales up 33 percent in the fourth quarter and up 12 percent for the full year.
Comps at Kay Jewelers were up 1 percent for the quarter and unchanged for the year. At Zales, same- store sales climbed 6 percent in the quarter and were up 3 percent for the year.
Same-store sales at Jared dipped 2 percent for the quarter and were down 3 percent for the year.
Piercing Pagoda, which tends to be a top performer for the company, saw comps climb 8 percent in the quarter and 11 percent for the year.
Canadian chain Peoples Jewellers posted a 3 percent jump in same-store sales for the quarter, but reported a 1 percent dip for the full year.
On the earnings call, Chief Financial Officer Joan Hilson reiterated the company’s plan to exit failing malls and close most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
Hilson said the company was looking at “selective repositioning” of certain stores to off-mall locations, but said the coronavirus pandemic could change its plans.
Same-store sales at its regional banners were down 8 percent in the quarter and 11 percent for the year.
In light of the coronavirus pandemic, Signet declined to provide financial guidance for fiscal 2021.
"What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint,” Drosos said in a press release announcing the financial results.
With Signet stores closed for now, employees will receive benefits and pay—a combination of base pay and available paid time off—through April 4, at which time the company said it will “further assess the situation.”
Upcoming changes for employees will include reduced work hours, furloughs, and reduced compensation across its stores and support center.
Drosos noted that executives have taken a voluntary 50 percent base salary reduction, with half replaced with equity grants, and that its board has reduced its retainer fees by 50 percent to be compensated entirely in common shares of Signet.
A portion of executive bonuses have also been placed into an emergency relief fund for colleagues.
Sales in the watches and other categories were down on a same-store sales basis for the quarter and the year.
By banner, e-tailer James Allen was the top performer with same-store sales up 33 percent in the fourth quarter and up 12 percent for the full year.
Comps at Kay Jewelers were up 1 percent for the quarter and unchanged for the year. At Zales, same- store sales climbed 6 percent in the quarter and were up 3 percent for the year.
Same-store sales at Jared dipped 2 percent for the quarter and were down 3 percent for the year.
Piercing Pagoda, which tends to be a top performer for the company, saw comps climb 8 percent in the quarter and 11 percent for the year.
Canadian chain Peoples Jewellers posted a 3 percent jump in same-store sales for the quarter, but reported a 1 percent dip for the full year.
On the earnings call, Chief Financial Officer Joan Hilson reiterated the company’s plan to exit failing malls and close most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
Hilson said the company was looking at “selective repositioning” of certain stores to off-mall locations, but said the coronavirus pandemic could change its plans.
Same-store sales at its regional banners were down 8 percent in the quarter and 11 percent for the year.
In light of the coronavirus pandemic, Signet declined to provide financial guidance for fiscal 2021.
"What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint,” Drosos said in a press release announcing the financial results.
With Signet stores closed for now, employees will receive benefits and pay—a combination of base pay and available paid time off—through April 4, at which time the company said it will “further assess the situation.”
Upcoming changes for employees will include reduced work hours, furloughs, and reduced compensation across its stores and support center.
Drosos noted that executives have taken a voluntary 50 percent base salary reduction, with half replaced with equity grants, and that its board has reduced its retainer fees by 50 percent to be compensated entirely in common shares of Signet.
A portion of executive bonuses have also been placed into an emergency relief fund for colleagues.
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.
