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.
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
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s LondonNext week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the HolidaysEmmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in AugustThe wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJul 21, 2025
Rio Grande Expands Personalization OfferingsAs demand for custom jewelry grows, the company is expanding its services to support retailers.
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
