CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
FinancialsMar 26, 2020
Signet Beats Expectations in Q4, Leans on Online Sales
With its stores closed in light of the coronavirus, the jeweler is cutting costs and looking to online sales to help carry it through rough waters.
A 14-karat white gold and diamond pendant (1.5 carats total weight) from Kay Jewelers’ new “Center of Me” collection. The collection did particularly well in the fourth quarter and the full year.
Akron, Ohio—Signet Jewelers Ltd. ended its fiscal year on a high note, posting double-digit growth in ecommerce sales and topping analyst expectations for fourth-quarter revenue and same-store sales growth.
In the months ahead, however, the giant specialty jeweler—like so many brick-and-mortar businesses—faces unprecedented challenges as it figures out how to survive the potentially long-term shuttering of most of its stores.
In the fourth quarter ending Feb 1., sales totaled $2.15 billion, down 0.1 percent year-over-year, with same-store sales up 2 percent.
Analysts expected $2.12 billion in revenue and same-store sales growth of 1 percent.
For the full year, sales totaled $6.1 billion, down 2 percent, with same-store sales up 1 percent.
On an earnings call Thursday morning, CEO Virginia Drosos said the company’s holiday momentum continued through the fourth quarter, with strong Valentine’s Day sales and a positive response to its marketing.
Now, with all its 2,800 locations in North America temporarily closed in response to the coronavirus pandemic, Signet must cut costs and lean on online sales in order to navigate the crisis.
“We’re leveraging the expertise of our digitally native banner JamesAllen.com to rapidly advance our online selling assistance tools across all of our banners,” said Drosos.
“To achieve immediate ecommerce impact, we are focused on enhancing search and browse, easier checkout, and even more advanced custom design capabilities to create an optimized and frictionless shopping experience for customers,” she added.
Ecommerce sales in the fourth quarter grew 15 percent to $299.9 million, accounting for 14 percent of all sales, up from 12 percent last year, while brick-and-mortar sales grew 1 percent.
Full-year ecommerce sales were up 10 percent, clocking in at $750.4 million and accounting for 12 percent of sales, up from 11 percent last year, while brick-and-mortar sales dipped 1 percent.
In North America, where Signet’s banners include Kay, Jared and Zales, fourth-quarter same-store sales grew 3 percent, ecommerce sales 15 percent, and brick-and- mortar same-store sales 1 percent, with growth seen across all mall-based banners.
For the full year, North American same-store sales were up 1 percent, ecommerce sales 11 percent, and brick-and-mortar same store sales down 0.2 percent.
The bridal and fashion category did particularly well on a same-store sales basis for the quarter and the full year, which the company attributed to its new collections, “Center of Me” and “Marilyn Monroe.”
The percentage of sales from new merchandise increased for the full year, particularly its Center of Me and “Love +
Editors' Picks
Sponsored by
Be Loved” collections, though it was offset by a decline in legacy product sales.
Sales in the watches and other categories were down on a same-store sales basis for the quarter and the year.
By banner, e-tailer James Allen was the top performer with same-store sales up 33 percent in the fourth quarter and up 12 percent for the full year.
Comps at Kay Jewelers were up 1 percent for the quarter and unchanged for the year. At Zales, same- store sales climbed 6 percent in the quarter and were up 3 percent for the year.
Same-store sales at Jared dipped 2 percent for the quarter and were down 3 percent for the year.
Piercing Pagoda, which tends to be a top performer for the company, saw comps climb 8 percent in the quarter and 11 percent for the year.
Canadian chain Peoples Jewellers posted a 3 percent jump in same-store sales for the quarter, but reported a 1 percent dip for the full year.
On the earnings call, Chief Financial Officer Joan Hilson reiterated the company’s plan to exit failing malls and close most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
Hilson said the company was looking at “selective repositioning” of certain stores to off-mall locations, but said the coronavirus pandemic could change its plans.
Same-store sales at its regional banners were down 8 percent in the quarter and 11 percent for the year.
In light of the coronavirus pandemic, Signet declined to provide financial guidance for fiscal 2021.
"What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint,” Drosos said in a press release announcing the financial results.
With Signet stores closed for now, employees will receive benefits and pay—a combination of base pay and available paid time off—through April 4, at which time the company said it will “further assess the situation.”
Upcoming changes for employees will include reduced work hours, furloughs, and reduced compensation across its stores and support center.
Drosos noted that executives have taken a voluntary 50 percent base salary reduction, with half replaced with equity grants, and that its board has reduced its retainer fees by 50 percent to be compensated entirely in common shares of Signet.
A portion of executive bonuses have also been placed into an emergency relief fund for colleagues.
Sales in the watches and other categories were down on a same-store sales basis for the quarter and the year.
By banner, e-tailer James Allen was the top performer with same-store sales up 33 percent in the fourth quarter and up 12 percent for the full year.
Comps at Kay Jewelers were up 1 percent for the quarter and unchanged for the year. At Zales, same- store sales climbed 6 percent in the quarter and were up 3 percent for the year.
Same-store sales at Jared dipped 2 percent for the quarter and were down 3 percent for the year.
Piercing Pagoda, which tends to be a top performer for the company, saw comps climb 8 percent in the quarter and 11 percent for the year.
Canadian chain Peoples Jewellers posted a 3 percent jump in same-store sales for the quarter, but reported a 1 percent dip for the full year.
On the earnings call, Chief Financial Officer Joan Hilson reiterated the company’s plan to exit failing malls and close most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
Hilson said the company was looking at “selective repositioning” of certain stores to off-mall locations, but said the coronavirus pandemic could change its plans.
Same-store sales at its regional banners were down 8 percent in the quarter and 11 percent for the year.
In light of the coronavirus pandemic, Signet declined to provide financial guidance for fiscal 2021.
"What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint,” Drosos said in a press release announcing the financial results.
With Signet stores closed for now, employees will receive benefits and pay—a combination of base pay and available paid time off—through April 4, at which time the company said it will “further assess the situation.”
Upcoming changes for employees will include reduced work hours, furloughs, and reduced compensation across its stores and support center.
Drosos noted that executives have taken a voluntary 50 percent base salary reduction, with half replaced with equity grants, and that its board has reduced its retainer fees by 50 percent to be compensated entirely in common shares of Signet.
A portion of executive bonuses have also been placed into an emergency relief fund for colleagues.
More on Financials
The Latest
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Policies & IssuesApr 02, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
