Early Holiday Shoppers Bolster Signet’s Q3 Sales

FinancialsDec 03, 2020

Early Holiday Shoppers Bolster Signet’s Q3 Sales

The company geared up for the holiday rush, equipped with five times the shipping capacity it had this time last year.

Signet’s same-store sales were up 15 percent in the third quarter. The retailer is offering in-store, online, “Buy Online, Pick-Up in Store,” services and curbside delivery options for the holiday season. (Photo courtesy of Signet Jewelers)
Akron, Ohio—Signet Jewelers Ltd.’s sales posted strong third-quarter results with sales and same-store sales climbing double digits.

In the third quarter ending Oct. 31, sales totaled $1.3 billion, up 10 percent year-over-year, with same-store sales climbing 15 percent, the retailer reported Thursday morning.

Brick-and-mortar sales were up 7 percent. Online sales were up 71 percent year-over-year to $238.8 million.

Year-to-date, Signet’s sales have totaled $3.04 billion, down 24 percent year-over-year, with same-store sales sliding 20 percent.

"Our success came from a combination of factors including significant digital, product, and marketing innovations; our ability to capture pent-up demand as our stores reopened; and intentional efforts to capture early holiday shopping to help mitigate traditionally high in-store traffic days in December,” said CEO Gina Drosos in a press release.

Signet has been growing its digital capabilities, implementing a full-time virtual selling team to work virtually with customers from their homes or in stores. A total of 600,000 virtual appointments have been held so far.

“When consultants are involved, we see higher conversion rates and higher transaction value,” said Drosos on an earnings call Thursday morning.

In North America, where Signet’s banners include Kay, Jared and Zales, third-quarter same-store sales were up 16 percent to $1.18 billion.

Brick-and-mortar same-store sales in the region were up 8 percent, while online sales were up 73 percent.

The average transaction value (ATV) was up about 1 percent while the number of transactions was up 14 percent.

In the U.K., same-store sales were up 8 percent.

Brick-and-mortar sales rose about 1 percent while e-commerce sales were up 58 percent. ATV increased 18 percent while the number of transactions dropped 8 percent.

Product-wise, Drosos noted the popularity of brands like Neil Lane, Le Vian, and Vera Wang as well as its newer launches, like its collaboration with bridal gown designer Pnina Tornai and the Royal Asscher collection.

Customized pieces and sentimental gifts, including the Everything You Are line, available at Kay Jewelers and Zales, are also performing well.

Sales in the bridal category rose 13 percent to $612.5 million year-over-year in the third quarter and fell 22 percent to $1.4 billion in the first nine months.

Sales of fashion jewelry were up 16 percent to $420.2 million year-over-year in the third quarter and fell 21 percent to $1.04 billion in the year so far.

In the watches category, quarterly sales were down 13 percent to $67 million year-over-year and down 38 percent to $155.2 million so far this year.

By banner, Piercing Pagoda was the star of the show with quarterly sales climbing 37 percent to $93.7 million. Year-to-date sales were down 9 percent to $204.4 million.

E-tailer James Allen posted quarterly sales of $76.6 million, up 26 percent year-over-year. Year-to-date sales were up 11 percent to 184.7 million.

Zales’s quarterly sales were up 13 percent to $251.4 million while year-to-date sales were down 22 percent to $618.8 million.

Jared’s quarterly sales rose 10 percent to $232.7 million. Year-to-date sales were down 24 percent to $546.6 million.

Kay Jewelers posted quarterly sales of $490.5 million, up 4 percent year-over-year. Year-to-date sales were down 27 percent to $1.15 billion.

Looking at its store count, Signet had 2,893 stores, 22 fewer than the previous third quarter and 315 fewer than the end of fiscal 2020. There will be 380 closures in total for the fiscal year.

As for the holiday season ahead, Signet said same-store sales were up 3 percent so far in the fourth quarter through Nov. 30.

The company has five times the shipping capacity it did last year in preparation for a rise in orders.

For the Thanksgiving weekend, same-store sales were down by low single digits due to weak retail store traffic, though it was somewhat offset by higher conversion rates, a shift to the digital platform, and higher transaction value.

However, the two weeks leading up to Christmas are the strongest for the company, said Signet, adding that same-store sales could be hurt by low traffic, COVID-19 social distancing capacity constraints, and store closures in response to the pandemic.

The company declined to provide financial guidance for the remainder of fiscal 2021 and said it believes the pandemic will have “a more significant negative effect” in December than November.

Signet will announce its holiday sales results Jan. 14, 2021.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

CollectionsFeb 03, 2023
Chipotle Spices Up Valentine’s Day with Jewelry Collection

The fast-casual chain partnered with Anna Sheffield’s Bing Bang NYC brand on a capsule collection and it’s a little “extra.”

SourcingFeb 03, 2023
Greenland Ruby Names New CEO

Geologist Arnt-Eirik Rørnes has taken on the role.

EditorsFeb 03, 2023
Piece of the Week: Gismondi 1754’s ‘Marea’ Cuff

The diamond and tanzanite bracelet was inspired by the waves of the Italian gulf near Genoa.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

CollectionsFeb 02, 2023
Lowe’s Is Now Selling Jewelry

The home improvement store’s website features an “Empowerment Tools” demi-fine jewelry collection.

Weekly QuizFeb 02, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Events & AwardsFeb 02, 2023
Registration is Now Open for JIS Spring 2023

The show will feature a new pavilion of 30 jewelry designers and manufacturers from Surat, India.

Policies & IssuesFeb 02, 2023
Tiny Radioactive Capsule Lost in Australian Outback Found

A government official said search crews “found the needle in the haystack” when they located the capsule belonging to Rio Tinto along an 870-mile stretch of road.

Brought to you by
De Beers Institute of Diamonds Expands to Offer Education

De Beers is sharing over 130 years of experience and expertise through the De Beers Institute of Diamonds with a selection of courses.

TrendsFeb 02, 2023
Amanda’s Style File: Purple and Playful

Amanda Gizzi welcomes February with a selection of amethyst jewelry, a birthstone that “deserves its own time to shine.”

EditorsFeb 01, 2023
Designers to Watch in 2023: Boochier

Behind the playful and nostalgic brand lies deeper meaning.

Events & AwardsFeb 01, 2023
New Miami Jewelry Center Slated to Open in Q1

The Time Century Jewelry Center is located in downtown Miami’s jewelry district.

SurveysFeb 01, 2023
Consumer Confidence Falls in January

Wariness about the year ahead offset a more positive view of the current economic situation.

MajorsFeb 01, 2023
Six New Retailers Appointed to IJO’s Board of Directors

The IJO also welcomed one new vendor member to its 13-member board, Brecken Farnsworth of Parlé Jewelry Designs.

ColumnistsJan 31, 2023
Squirrel Spotting: How About a Word for the New Year?

It begins with a “t” and ends with a “c” and is imbued with warmth and positivity, Peter Smith writes.

Policies & IssuesJan 31, 2023
Rio Tinto Issues Apology After Radioactive Capsule Goes Missing

The tiny capsule, which is believed to have fallen out of a truck, was lost somewhere along an 870-mile stretch of desert road.

MajorsJan 31, 2023
Indian Jewelry Brand Tanishq Opens First U.S. Store, More on the Way

The jeweler’s expansion plans include 20 to 30 more stores in North America and the Middle East over the next two to three years.

Events & AwardsJan 31, 2023
Gucci Is Getting a Gem Award

The Italian luxury brand will receive the first Gem Award for High Jewelry Excellence.

MajorsJan 31, 2023
Martin Flyer Names New VP of Business Development

Industry veteran Kevin Lane has stepped into the role.

MajorsJan 30, 2023
Researchers Uncover Bejeweled ‘Golden Boy’ Mummy

The ancient Egyptian teenager was buried 2,300 years ago with 49 amulets to guide him through the afterlife.

SurveysJan 30, 2023
Consumers Embracing Non-Traditional Ways to Mark Valentine’s Day

The NRF’s annual survey shows that consumer attitudes about how, or even whether, to celebrate Feb. 14 continue to evolve.

Events & AwardsJan 30, 2023
JA Is Searching for the Next Retail ’20 Under 40’

Nominations are open now through March 24.

MajorsJan 30, 2023
10 Jewelry News Stories You Might Have Missed

A column detailing how independent jewelers did last year and the top watch brands of 2022 were among the most-read stories last week.

MajorsJan 27, 2023
Diamond Council of America Appoints Treasurer, Board Member

Executives from Fred Meyer Jewelers and Riddles Jewelers have filled the roles.

CollectionsJan 27, 2023
Piece of the Week: Heavenly Vices’ Lock Necklace

The Victorian-inspired design is a functional lock and key.

Supplier BulletinJan 26, 2023
JA New York Spring Brings the Industry Together

For over 100 years, JA New York has played an integral role in facilitating the evolution of our industry, while also honoring past traditions.

TrendsJan 26, 2023
At Vicenzaoro, Paola De Luca Gazes Into Jewelry’s Future

The trend forecaster and her guests explored unconventional jewelry designs, NFTs, AI art, and more during her Trendvision presentation.

CollectionsJan 26, 2023
NDC and Lorraine Schwartz Announce New ‘EDDI’ Class

The Emerging Designers Diamond Initiative provides diamond credit and mentorship to young brands helmed by BIPOC designers.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy