EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
FinancialsMar 24, 2016
Signet’s Full-Year Comps Rise 4 Percent
CEO Mark Light called it “an excellent finish to another strong year” for the retailer, aided by strong diamond fashion jewelry sales in the fourth quarter.
Akron, Ohio--Signet Jewelers Ltd. finished the year with a 4 percent increase in same-store sales, buoyed by strong diamond fashion jewelry sales in the fourth quarter.
The retailer reported Thursday morning that total sales for the year were up 14 percent, from $5.74 billion to $6.55 billion. Fiscal 2016, which ended Jan. 30, was the first full fiscal year in which Signet owned all the Zale brands.
Net income rose from $381.3 million to $467.9 million.
As previously announced, fourth quarter same-store sales were up 5 percent.
Total sales in the period went from $2.28 billion to $2.40 billion, also an increase of 5 percent.
Signet reiterated on its earnings call held Thursday morning that the “Ever Us” collection of two-stone rings was a major driver of sales in the fourth quarter, with CEO Mark Light calling it “one of the most significant innovations in the jewelry industry in years.”
The retailer is testing line extensions planned for release for the 2016 holiday season.
Light said earring and bracelet sales also were strong in Q4 as was bridal, particularly Vera Wang Love, Neil Lane, Tolkowsky and, at H. Samuel in the U.K., Forever Diamond.
Among its various chains, Kay recorded the highest same-store fourth quarter sales at 7 percent, followed by Zales Jewelers and Piercing Pagoda at 6 percent.
Comps for Jared the Galleria of Jewelry increased only 1 percent, with Light noting that the chain faces a different challenge as an off-mall store with a different set of competitors than Kay and Zales and is doing comparatively well in its market.
Jared is in a “transitional phase,” he said, with the impending addition of Pandora shop-in-shops and a new program Signet is testing called “Chosen Diamond,” where customers will be able to trace the entire journey of their diamond from mine to store.
During Thursday’s call, Signet Chief Financial Officer Michele Santana also addressed the strength of Sterling’s in-house credit program, which Bloomberg Business called into question in an article published last month, speculating that the retailer is taking too much risk with the type of people to whom it offers jewelry on credit.
This is the second time the retailer has spoken out in defense of Sterling’s in-house credit program since the Bloomberg story ran.
Santana said that customers’ “emotional attachment” to their jewelry purchases supports repayment history, and that offering credit--which 75 percent
of Sterling customers use when purchasing bridal--allows them to develop relationships and market to their customers.
She also noted that the in-house credit finance is designed for rapid repayment and turns over in nine months on average, and that the average FICO score of those receiving credit from Sterling has been in consistent range for a number of years.
Looking ahead, Signet said it expects a same-store sales increase of 3 to 4 percent in the first quarter, while it projects comps for the fiscal year to increase between 3 and 5 percent.
She also noted that the in-house credit finance is designed for rapid repayment and turns over in nine months on average, and that the average FICO score of those receiving credit from Sterling has been in consistent range for a number of years.
Looking ahead, Signet said it expects a same-store sales increase of 3 to 4 percent in the first quarter, while it projects comps for the fiscal year to increase between 3 and 5 percent.
More on Financials
The Latest
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
Weekly QuizNov 14, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light DisplayInstead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
WatchesNov 14, 2024
Grand Seiko Partners With Ben Bridge on First Hawaii Store The new Grand Seiko boutique is located in Honolulu’s Waikiki neighborhood.
SourcingNov 13, 2024
Gem Legacy Adventures Announces 2025 Trip Eleven spots are available for travelers to visit Northern Tanzania and Southern Kenya from July 25 to Aug. 4.
AuctionsNov 13, 2024
Aga Khan Emerald Sells for $8.8M, Sets RecordThe emerald brooch-turned-pendant returned to auction after 55 years, setting a world record for most expensive emerald sold at auction.
AuctionsNov 13, 2024
‘Exceptional’ Burmese Ruby Ring Tops $5M at Auction Phillips also sold a 1.21-carat fancy red diamond dubbed the “Red Miracle” for more than $1 million at its jewelry auction in Geneva.
MajorsNov 13, 2024
Ariana Grande, Anya Taylor-Joy Star in Holiday Jewelry CampaignsFrom Swarovski to Tiffany & Co., jewelry retailers are enlisting celebrities to highlight their holiday offerings.
MajorsNov 13, 2024
Royal Chain’s New Catalog Is Out NowThe 2024-2025 book introduces hundreds of new designs.
GradingNov 12, 2024
GIA’s Next-Day Services Return for the HolidaysOffered by the lab since 2016, the holiday season special is good from now through mid-December.
CollectionsNov 12, 2024
Mikimoto and Chrome Hearts Blend Aesthetics in New CollaborationThe “Mikimoto Chrome Hearts” jewelry brings pearls from Mikimoto together with distinctive motifs from Chrome Hearts.
CollectionsNov 08, 2024
Piece of the Week: Larkspur & Hawk’s ‘Tapestry Lily’ Earrings These earrings use flat-backed white quartz to create a window onto an antique ribbon embroidered with a floral design.
Events & AwardsNov 08, 2024
AGTA Reveals Spectrum, Cutting Edge Award Winners for 2024This year’s AGTA Spectrum & Cutting Edge Awards included a new category for engagement rings and a new award highlighting female designers.
TrendsNov 07, 2024
Amanda’s Style File: Golden and Blue November HuesThe month’s birthstones, citrine and blue topaz, reflect the changing colors of the season.
CollectionsNov 07, 2024
Sidney Garber Collaborates With Carey Lowell on Capsule CollectionThe “Carey Lowell x Sidney Garber” collection stems from the friendship between the jewelry designer and ceramicist.
MajorsNov 07, 2024
Ritani Debuts ‘No-Fuss’ Holiday TV CampaignThe two ads highlight diamond engagement rings and diamond studs with a straightforward approach.
Policies & IssuesNov 07, 2024
Diamonds Do Good To Distribute $250K+ In Grants Next YearIn 2025, the nonprofit plans to continue its support of longstanding partners while also allocating some funds to a new initiative.
AuctionsNov 06, 2024
Two Rolexes With Ties to Titanic Head to AuctionThe Rolex watches are from the collection of “Titanic” co-producer Alfred “Al” Giddings and will go up for sale at Sotheby’s next month.
FinancialsNov 06, 2024
Pandora Posts Double-Digit Revenue Growth in Q3The Danish jewelry company plans to open up to 150 concept stores this fiscal year.
GradingNov 06, 2024
GIA to Close Lab in Ramat Gan, IsraelThe location will close by the end of the year due to it being financially unsustainable, GIA said.
MajorsNov 06, 2024
David Yurman’s Holiday Campaign Celebrates ‘Moments of Joy’The new campaign stars Sterling K. Brown, Hero Fiennes Tiffin, Winnie Harlow, Kyle Kuzma, Arizona Muse, and Iris Law.
CollectionsNov 05, 2024
Jacquie Aiche is Hosting an Online Treasure HuntOne lucky winner will receive a “Lizzie” diamond bracelet.
