Financials

Signet Chairman Speaks Out on Controversies

FinancialsMar 09, 2017

Signet Chairman Speaks Out on Controversies

Signet Jewelers Ltd.’s quarterly earnings call began with an unusual occurrence: a statement from board Chairman Todd Stitzer.

2016_Kay-Jewelers.jpg
Kay Jewelers is one of the chain operated by Signet Jewelers Ltd., which saw it same-store and total sales decline 2 percent last year.

Akron, Ohio--Signet Jewelers Ltd.’s quarterly earnings call began with an unusual occurrence: a statement from board Chairman Todd Stitzer.

And he immediately addressed the elephant in the room: the waves of negative publicity that have pounded Signet since The Washington Post published a story in late February detailing past accounts of sexual harassment and mistreatment of female employees at the company.

The report was based on more than 1,300 pages of recently unsealed documents filed as part of the ongoing class-action arbitration in which women allege they were passed over for promotions and paid less than men.

On Thursday, Stitzer reiterated the point made by a company spokesman immediately after the Post story ran: that the ongoing class-action case contains no allegations of sexual harassment and that the allegations are not an accurate reflection of the company’s culture. They were made by a small group of women and relate to incidences that happened in the 1990s through 2005, he said.

“We have a culture in which capable women thrive professionally and advance,” he said, pointing to the fact that 34 percent of Signet’s C-level executives are women, as are more than 60 percent of store managers.

And Stitzer announced that the company is taking a number of additional steps to “reaffirm” its commitment to equal opportunity, including the formation of a new board committee comprised entirely of women that will focus on workplace respect and advancement of female employees.

The Post report was the latest in a line of blows for Signet, which saw sales decline last year as it grappled with the fallout from allegations of stone-swapping at Kay Jewelers stores--which Stitzer called “categorically false”--and had to address questions about the quality of its credit program.

Stitzer admitted in his remarks Thursday morning that in light of all the controversies and declining sales, he has been asked about the quality of the management team and about the 2014 appointment of Mark Light, who was mentioned by name in the Post’s story, as CEO in light of the ongoing arbitration.

He said the board took all factors into account in deciding to appoint Light as CEO and pointed to the “consistent and high-quality growth” of the company delivered by the management team under Light’s leadership.

Stitzer acknowledged, however, that the company had a challenging fiscal 2017 due to its own “shortcomings” and a difficult retail environment for jewelry and noted that, “Our board is very focused on management’s performance.”

Signet’s

same-store fourth quarter sales were down 5 percent while total sales also declined 5 percent to $2.27 billion.

E-commerce sales were down 3 percent due in part to the previously reported technical problems with the Kay Jewelers and Jared the Galleria of Jewelry websites.

For fiscal year 2017 ended Jan. 28, Signet’s same-store sales were down 2 percent year-over-year while total sales slid 2 percent to $6.4 billion.

Piercing Pagoda outperformed the rest of the company, posting a 6 percent increase in same-store sales in the fourth quarter and a 7 percent increase for the full year.

Product-wise, diamond earrings and bracelets were top performers, while the Ever Us and Vera Wang collections also did well for the company.

Light pointed to a confluence of factors as contributing to the retailer’s troubles, including a decline in mall traffic, a promotional retail environment, a decline in demand for fine jewelry overall and the technical problems.

He said the company is working to cut page load speeds for the Sterling division stores (Kay and Jared) by half in time for Mother’s Day shopping.

The company also is working on improving search engine optimization and increasing the amount of user-generated content on its websites.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

Weekly QuizJun 20, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel
GradingJun 23, 2025
GIA Names New President and CEO

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

Graphic for Las Vegas recap episode of “My Next Question”
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Luanda Accord
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural Diamonds

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

Penny Preville, Maggie Hess, Stella Song, and Benjamin King
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry Designers

The winning designs captured the “Radiance” theme.

24th Gem Awards Show Logo
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Single Stone Bryn Ring and Grace Lee Marquise Demi Demi Ring
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement Ring

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

Yvonne Léon Python Gold Bracelet
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ Bracelet

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

Stock image of handcuffs
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry Heist

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

Marie-Thérèse Pink diamond and Blue Belle sapphire necklace
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’s

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week. 

Caryl Capeci Starboard Cruises
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry Shopping

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

Gresham grasshopper ring
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56K

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

Kirk Kara fine jewelry
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New Jewels

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

Gemfields 36 Carat Ruby
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough Ruby

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Alex Brown
TechnologyJun 18, 2025
Alex Brown Named President of Smithee Group

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Jade Ruzzo Gloria Collar
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

Jewelry industry author, speaker, and sales expert Peter Smith
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

×

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