CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
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
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
