FinancialsFeb 25, 2021
Retail Sales Growth in 2021 Depends on Vaccines, Says NRFFinancialsMar 18, 2021
Online Sales Soar, Strengthening Signet’s Q4
The jewelry giant saw e-commerce sales increase 71 percent year-over-year in its fourth quarter.
Signet’s total sales rose 2 percent overall in the fourth quarter, but fell 15 percent for the full year.
Akron, Ohio—Signet Jewelers Ltd. posted a strong fourth quarter but the specialty jeweler’s full-year sales fell by double digits due to the COVID-19 pandemic.
In the fourth quarter ended Jan. 30, sales totaled $2.2 billion, up 2 percent year-over-year, with same-store sales climbing 7 percent, the retailer reported Thursday morning.
Brick-and-mortar sales were down 4 percent year-over-year while online sales climbed 71 percent, accounting for 23 percent of all sales.
Signet’s Buy Online Pick-Up In Store feature, or BOPIS, was up and running by the fourth quarter, noted CEO Virginia Drosos on an earnings call Thursday morning.
It was a popular choice, particularly among male customers ahead of the holidays.
Drosos noted high rates of customer satisfaction and on-time fulfillment with BOPIS, with 86 percent of orders picked up within three hours in December.
For the full fiscal year, Signet’s sales totaled $5.2 billion, down 15 percent year-over-year, with same-store sales sliding 11 percent.
Related stories will be right here …
In the fourth quarter ended Jan. 30, sales totaled $2.2 billion, up 2 percent year-over-year, with same-store sales climbing 7 percent, the retailer reported Thursday morning.
Brick-and-mortar sales were down 4 percent year-over-year while online sales climbed 71 percent, accounting for 23 percent of all sales.
Signet’s Buy Online Pick-Up In Store feature, or BOPIS, was up and running by the fourth quarter, noted CEO Virginia Drosos on an earnings call Thursday morning.
It was a popular choice, particularly among male customers ahead of the holidays.
Drosos noted high rates of customer satisfaction and on-time fulfillment with BOPIS, with 86 percent of orders picked up within three hours in December.
For the full fiscal year, Signet’s sales totaled $5.2 billion, down 15 percent year-over-year, with same-store sales sliding 11 percent.
As the vaccine rollout brings customers closer to normal, discretionary spending may shift to other categories, noted Signet on the earnings call.
The retailer said it will increase its marketing spending to continue to fuel momentum.
Drosos said the company is keeping its ear to the ground as to what consumers are interested in, looking into rental and subscription jewelry services as well as new designers.
In North America, where Signet’s banners include Kay, Jared and Zales, fourth-quarter same-store sales were up 10 percent.
The company noted particular strength in the bridal and fashion categories.
All U.S. banners reported same-store sales growth for the second consecutive quarter, noted Signet.
Brick-and-mortar same-store sales in North America were up less than 1 percent, while online sales rose 66 percent.
Average transaction value (ATV) inched up 1 percent while the number of transactions was up 10 percent.
For the full year, same-store sales were down 10 percent. Online sales were up 56 percent while brick and mortar sales declined 19 percent. ATV was flat to last year while the number of transactions fell 8 percent.
Editors' Picks
Sponsored by
In the U.K., fourth quarter same-store sales fell 28 percent.
Brick-and-mortar sales plummeted 56 percent as e-commerce sales more than doubled, up 115 percent. ATV increased 6 percent while the number of transactions dropped 30 percent.
For the full year, same-store sales were down 25 percent. Online sales were up 81 percent while brick and mortar sales declined 42 percent. ATV was up 9 percent while the number of transactions fell 30 percent.
Following the third year of its Path to Brilliance transformation plan, Signet said Thursday it is moving into the next phase, “Inspiring Brilliance.”
The plan includes growing services revenue, expanding its luxury and value segments, bolstering digital commerce, and utilizing its data.
As for store count, Signet had 2,833 stores at the close of its fiscal year on Jan. 30, 375 fewer than the end of fiscal 2020. It closed 395 stores this fiscal year, which is FY21 for Signet.
The company is planning to close more than 100 stores and open more than 100 in stronger locations this fiscal year.
Signet has been optimizing its store footprint in recent years, moving away from low-performing malls to off-mall locations. It also has plans to add kiosks in underserved markets.
Looking ahead to fiscal 2022, the company expects to see first-quarter revenue between $1.42 billion and $1.46 billion while full-year revenue is expected to total between $5.85 billion and $6 billion.
More on Financials
The Latest
SourcingFeb 04, 2025
New Deal With Botswana Is Done, De Beers Confirms The agreement will allocate an increasing proportion of the country’s rough diamonds to the government of Botswana over the next decade.
Events & AwardsFeb 04, 2025
Van Cleef & Arpels’ Astronomy-Inspired Jewelry to Land at AMNH“Cosmic Splendor: Jewelry From the Collections of Van Cleef & Arpels,” opens April 11 at the American Museum of Natural History.
SurveysFeb 04, 2025
Valentine’s Day Jewelry Spending Forecast to Hit Record High, Says NRFThose celebrating Valentine’s Day this year are expected to spend a record $27.5 billion on jewels, flowers, candy, and more.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
EditorsFeb 03, 2025
Best Jewelry Moments From the 2025 Grammy Awards From Lady Gaga’s 1930s Tiffany & Co. necklace to Taylor Swift’s “T,” Michelle Graff recaps the night’s most memorable jewelry looks.
Weekly QuizJan 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 03, 2025
Qurate to Close HSN’s Florida HQ Amid RestructuringLayoffs will reportedly start next month as HSN plans to move into QVC’s location in Pennsylvania.
EditorsFeb 03, 2025
Q&A: 5 Jewelry Designers on Shopping the 2025 Tucson Gem ShowsA group of creatives talked to Associate Editor Lauren McLemore about their approach to the annual Tucson gem, mineral, and fossil shows.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
AuctionsJan 31, 2025
Elizabeth Taylor’s Diamond Bracelet Outshines Estimate at U.K. AuctionThe auction also featured the sale of a Cartier necklace made when Egyptomania was sweeping Great Britain.
CollectionsJan 31, 2025
Piece of the Week: Lalaounis’ Good Luck Charm for 2025The “Blossom Rosette” blooms with love, beauty, and hope for the year ahead.
IndependentsJan 31, 2025
Harvey Rovinsky, Longtime Owner of Bernie Robbins Jewelers, Dies at 77Rovinsky is remembered as a great mentor who made the employees of his stores feel like family.
Events & AwardsJan 31, 2025
Facets of Fire Has a Diamond Challenge for RetailersFor every jeweler who tries their luck, the company will make a donation to Jewelers for Children.
MajorsJan 30, 2025
WJA Chapter Leaders Resign as Fallout From DEI Remarks SnowballsThe boards of at least five chapters have resigned in response to controversial statements the WJA national board president made last month.
Policies & IssuesJan 30, 2025
RJC Executive Director Melanie Grant Is Stepping Down An experienced jewelry writer and curator, Grant led the organization for two years.
CollectionsJan 30, 2025
Pharrell Williams Brings Tahitian Pearls to His New Tiffany & Co. CollectionFive new designs were added, all donning Tahitian cultured pearls and spear-like trident motifs, along with the new “Titan” setting.
Events & AwardsJan 30, 2025
Registration Open for Converge 2025The inaugural event is being co-hosted by the American Gem Society and the Gemological Institute of America.
MajorsJan 30, 2025
24 Karat Club of New York Elects 5 New MembersJewelers of America’s Annie Doresca and AGTA CEO John W. Ford Sr. are among the new members.
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
Events & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
SourcingJan 28, 2025
WFDB Joins Efforts to Promote Natural Diamonds With New CampaignThe “Moments” social media campaign emphasizes the emotional ties between natural diamonds and life’s special milestones.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
SourcingJan 28, 2025
Botswana’s First Olympic Gold Medalist Is Now a De Beers Ambassador Letsile Tebogo will help to promote natural diamonds and the good they have done for his country.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
Events & AwardsJan 28, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
