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
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.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
SourcingApr 11, 2025
Mikimoto Names New President, CEO for U.S. DivisionKentaro Nishimura, who has been with the pearl company since 1997, has been promoted to president and CEO of Mikimoto America.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
