Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
FinancialsApr 03, 2019
Signet Sees Q4 Revenue, Same-Store Sales Dip
The retailer battled a rough holiday season and declining demand for its legacy merchandise.
Same-store sales at Jared the Galleria of Jewelry, one of the chains owned by Signet Jewelers, fell more than 8 percent in the fourth quarter.
Akron, Ohio—Signet Jewelers Ltd. had a lackluster fourth quarter as weak holiday sales took a toll and demand waned for its legacy merchandise.
Quarterly revenue totaled $2.15 billion, dipping 6 percent compared with the $2.29 billion reported in the previous fourth quarter.
Same-store sales, a figure that includes both online and in-store sales, slipped 2 percent, an improvement compared with the 5 percent decline in comparable sales a year ago, with online outperforming in-store sales.
Quarterly e-commerce sales were up more than 5 percent to $260.6 million, accounting for 12 percent of overall sales compared with 11 percent last year, while brick-and-mortar same-store quarterly sales were down 3 percent.
The retailer recorded an operating loss of $83.5 million, or about 4 percent of sales, compared with an operating income of $323.5 million, or about 14 percent of sales, in the prior year’s fourth quarter.
The operating loss was attributed in part to a goodwill and intangible impairment charge of $286.7 million.
The charge consisted of a $261.4 million write-down of the James Allen assets due to the increasingly competitive online marketplace and Supreme Court’s ruling on online sales tax collection, as well as $25.3 million related to the company’s acquisition of its diamond polishing factory in Botswana.
Lower sales, higher promotions, a $27.1 million charge related to store closings and a $13.1 million charge related to the outsourcing of its credit program also contributed to the company slipping into the red in the fourth quarter.
In North America, Piercing Pagoda was the star of the quarter with same store sales climbing more than 17 percent. Zales trailed behind with same-store sales up 2 percent.
The rest of the brands didn’t fare as well, with same-store sales at James Allen down more than 1 percent, Kay down nearly 2 percent, and Jared dropping more than 8 percent.
Customers were drawn to the retailer’s new additions, but less interested in its legacy collections.
Overall bridal sales were flat on a same-store sales basis, with sales of engagement rings rising but anniversary sales falling, which the retailer attributed to declining interest in its “Ever Us” collection.
Top performers included solitaires, and the Enchanted Disney fine jewelry, Vera Wang Love and Neil Lane collections.
Overall sales in the fashion category dipped with LeVian and other legacy collections leading the decline.
However, gold fashion jewelry, Disney fashion jewelry, and the Love + Be Loved collection performed well.
Sales in the “others” category, which
includes company-owned bead brands and Pandora, were down as well.
Signet Jewelers is in the midst of a three-year turnaround plan aimed to cut costs to spur future growth.
As part of its cost-cutting efforts, Signet offered a “voluntary transition program” to its more than 3,000 corporate employees in Akron, Ohio and Dallas earlier this year.
The retailer has a cost-savings figure it wants to hit via the voluntary transition program; if it does not achieve that figure, then layoffs will follow.
Asked about the program Wednesday, Signet Vice President of Corporate Affairs David Bouffard said:
“The VTP program ran through late March, we’ll be evaluating the results in mid-April, and departures will be held by the end of the month.”
The company also will close its manufacturing facility in Dallas, cutting 122 jobs.
Signet reported $85 million of net cost savings in its fiscal year.
CEO Virginia Drosos said in a company statement that while the company made progress with the program initiatives it did not finish the year “as strongly as expected.”
She pointed to a highly competitive promotional environment, consumer weakness in the UK, lower-than-expected customer demand for legacy merchandise collections, and a weak holiday season as contributing factors.
For the full fiscal year, Signet’s revenue was down slightly to $6.24 billion compared with $6.25 billion in the previous year.
However, same-store sales recovered somewhat, slipping just 0.1 percent compared with a more than 5 percent dip a year ago.
Looking to fiscal 2020, the company said it plans to take a “faster” and more “aggressive” approach to its transformation plan, strategically reducing its number of stores and reducing its exposure to “lower-grade malls,” said executives during its earning call.
For the first time in its history, the company plans to spend more on digital and social advertising than on TV advertising in fiscal 2020, according to executives on the earnings call.
Sales are expected to be between $6-$6.1 billion with same-store sales flat at best.
First quarter sales are projected to be between $1.42-$1.44 billion with same-store sales projected to be down at least a half-percent.
Also on Wednesday, an 8-K filing revealed that Chief Customer Officer Sebastian Hobbs is expected to step down as of April 4 but will stay on as an advisor until the end of June.
Newly appointed Chief Financial Officer Joan M. Hilson, former CFO of David’s Bridal and American Eagle Outfitters, is expected to begin this month.
Signet also has assembled a “Mall Leadership” team, combining the leadership of its Kay, Zales, and Peoples banners under one umbrella.
Signet Jewelers is in the midst of a three-year turnaround plan aimed to cut costs to spur future growth.
As part of its cost-cutting efforts, Signet offered a “voluntary transition program” to its more than 3,000 corporate employees in Akron, Ohio and Dallas earlier this year.
The retailer has a cost-savings figure it wants to hit via the voluntary transition program; if it does not achieve that figure, then layoffs will follow.
Asked about the program Wednesday, Signet Vice President of Corporate Affairs David Bouffard said:
“The VTP program ran through late March, we’ll be evaluating the results in mid-April, and departures will be held by the end of the month.”
The company also will close its manufacturing facility in Dallas, cutting 122 jobs.
Signet reported $85 million of net cost savings in its fiscal year.
CEO Virginia Drosos said in a company statement that while the company made progress with the program initiatives it did not finish the year “as strongly as expected.”
She pointed to a highly competitive promotional environment, consumer weakness in the UK, lower-than-expected customer demand for legacy merchandise collections, and a weak holiday season as contributing factors.
For the full fiscal year, Signet’s revenue was down slightly to $6.24 billion compared with $6.25 billion in the previous year.
However, same-store sales recovered somewhat, slipping just 0.1 percent compared with a more than 5 percent dip a year ago.
Looking to fiscal 2020, the company said it plans to take a “faster” and more “aggressive” approach to its transformation plan, strategically reducing its number of stores and reducing its exposure to “lower-grade malls,” said executives during its earning call.
For the first time in its history, the company plans to spend more on digital and social advertising than on TV advertising in fiscal 2020, according to executives on the earnings call.
Sales are expected to be between $6-$6.1 billion with same-store sales flat at best.
First quarter sales are projected to be between $1.42-$1.44 billion with same-store sales projected to be down at least a half-percent.
Also on Wednesday, an 8-K filing revealed that Chief Customer Officer Sebastian Hobbs is expected to step down as of April 4 but will stay on as an advisor until the end of June.
Newly appointed Chief Financial Officer Joan M. Hilson, former CFO of David’s Bridal and American Eagle Outfitters, is expected to begin this month.
Signet also has assembled a “Mall Leadership” team, combining the leadership of its Kay, Zales, and Peoples banners under one umbrella.
More on Financials
The Latest
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into PetalsThe “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium PricingLuxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality SeriesIt follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.
Policies & IssuesJul 08, 2025
SMO Gold Launches New FoundationIn its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.
Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials SayThe announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.
SourcingJul 07, 2025
Natural Diamond Council CEO David Kellie To Step DownKellie, who joined the organization in 2019, will remain in his role through the end of 2025.
CrimeJul 07, 2025
7 Suspects Charged in California Jewelry Store BurglaryPolice officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.
Events & AwardsJul 07, 2025
Applications Open for Ella Klein Internship The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
