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.
FinancialsJan 17, 2019
Signet’s Holiday Sales Fall Short
Department store discounting and a lack of interest in “legacy” lines hurt the retailer this season.
Signet’s worst performer over the holiday season in North America? Jared the Galleria of Jewelry stores, where comps dropped 8 percent. CEO Gina Drosos said department store discounting and lack of interest in “legacy” lines hurt Signet this season.
Akron, Ohio—Signet rolled out new product, new commercials, ramped up digital marketing and improved its websites, but it was not enough to counter department store discounting and declining interest in lines that were once bestsellers.
In the nine-week period ended Jan. 5, Signet Jewelers Ltd.’s same-store sales (including stores in both North America and the United Kingdom) slipped 1 percent year-over-year, with brick-and-mortar comps down 2 percent but online sales growing 6 percent to $222.3 million.
Total sales dropped 3 percent to $1.84 billion.
“Our holiday season performance fell short of our expectations,” CEO Gina Drosos said in the company’s earnings release issued Thursday morning.
Signet warned in early December that department store discounting was going to be a problem, and Drosos said Thursday that promotions “intensified” as the month wore on.
Despite Signet’s attempt to keep up by holding sales, stores were not crowded enough during the key weeks of December and there was a larger-than-expected drop in sales of lines like LeVian and Ever Us, while newer lines such as Enchanted Disney Fine Jewelry and Love + Be Loved performed well.
Drosos said: “These holiday results reinforce the need to take even faster action to improve our financial and operational performance. We will move decisively to improve profitability through aggressively optimizing our cost structure and continuing to right-size our store base, as well as more effectively managing our inventory.”
In North America, which includes mall staples Zales and Kay Jewelers as well as Jared the Galleria of Jewelry, holiday comps were down 0.7 percent.
Piercing Pagoda continued to be Signet’s top performer, with sales there jumping 17 percent. Peoples (comps up 5 percent) and Zales (comps up 3 percent) also saw sales increase.
Outside of the regional brand stores Signet is in the process of closing, Jared recorded the worst performance, with holiday comps dropping 8 percent while same-store sales at Kay and James Allen slipped 0.8 percent and 0.2 percent, respectively.
In light of its holiday performance, Signet revised its fourth quarter guidance—it now expects comps to be down as much as 3 percent—and is projecting flat same-store sales for the fiscal year.
The retailer is scheduled to report its fourth quarter and full year earnings on March 14 and will provide an update on its plans for FY 2020 then, Drosos said.
More on Financials
The Latest
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.
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.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.’
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.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
