MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
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
Editors' Picks
Sponsored by
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
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
