ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
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.
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.
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.
More on Financials
The Latest
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
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.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
