De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Signet comps up 4 percent in Q2
Boosted by the continued integration of Zale and a strong performance from bridal jewelry, Signet reported an increase in both same-store sales and total sales in the second quarter on Thursday.
Hamilton, Bermuda--Signet Jewelers Ltd. reported Thursday that its second quarter comps were up 4 percent year-over-year, as all selling channels saw strong and consistent sales growth.
Total sales in the quarter ended Aug. 1 surged ahead 15 percent to $1.41 billion as the company’s continued integration of Zale further boosted its performance.
Signet CEO Mark Light said in the earnings call that diamond jewelry was particularly strong for the company during the period, noting that the bridal category grew faster than Signet’s overall rate of growth.
He specifically mentioned bridal brands Neil Lane, Vera Wang Love, and Tolkowsky as “standouts,” as well as its non-branded bridal portfolio. Light also noted the continued momentum of its Diamonds in Rhythm, Unstoppable Love and solitaire diamond earrings programs.
For the company’s Sterling division, which includes Kay Jewelers and Jared the Galleria of Jewelry, same-store sales were up 3 percent and total sales were up nearly 6 percent over the year-earlier period to $858.5 million.
Individually, Kay and Jared posted same-stores sales growth of 4 percent and 3 percent, respectively.
Signet attributed this performance to “broad-based” increases across store banners, product brands and non-brands, as well as omnichannel. Bridal and diamond jewelry also did well for the division in the second quarter.
The average transaction price at Sterling increased by 4 percent, even as the number of transactions was down 3 percent due mainly to merchandise mix.
The Zale division, which was acquired in May 2014, pulled out a stronger performance, with comps increasing by 6 percent in the second quarter and total sales rising by 57 percent, reaching $389.3 million.
Signet said that sales-related drivers for Zale included sales associate training, branded bridal, branded diamond fashion jewelry, targeted promotional events and new marketing efforts.
The second quarter of fiscal 2016 marked the 23rd consecutive quarter of positive comps for Sterling Jewelers, while Zale also has been consistently posting positive numbers.
Signet said that it expects same-store sales growth of between 3 percent and 4 percent in the third quarter, and a strong performance going forward based on a number of new initiatives. The company will launch a partnership with Alex and Ani in the fall to drive traffic, testing the brand in 108 Jared stores beginning in mid-September.
It also will launch a “Chosen Diamonds” program in 60 Jared stores this fall, meant for the “sentimental customer” as it
Signet operates more than 3,600 stores throughout all divisions across North America and the U.K.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.