The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Signet’s Fourth Quarter Comps Climb 5%
The retailer released preliminary figures nearly a month ahead of its scheduled earnings call because it was “excited” about its Q4 results.
Akron, Ohio--Signet Jewelers Ltd. shared preliminary fourth quarter results showing strong sales and credit metrics, just weeks after a report speculated that the retailer might be taking on too much risk with the loans it extends to consumers.
The Akron, Ohio-based retailer, which operates Kay Jewelers, Jared the Galleria of Jewelry and Zales stores, said Monday that its same-store sales increased 5 percent year-over-year in the fourth quarter and that its credit program contributed to profitability during the period.
Signet also reported that its credit metrics improved quarter-over-quarter, even exceeding the impact of normal seasonality trends that tend to improve allowance metrics from Q3 to Q4.
Year-over-year, the difference in interest income from its Sterling division in-house finance programs (primarily, Kay and Jared; generally, an outside company handles the financing offered to Zales’ customers) relative to net bad debt was $3.9 million, up from $2.3 million last year.
“Signet delivered outstanding fourth quarter results,” CEO Mark Light said in a company news release. “Our business was strong in the fourth quarter as evidenced by our accelerating same-store sales performance. At the same time our credit metrics improved from the third quarter in line with expectations, and we remain confident in the strength of our credit portfolio.”
The release of the results follows on the heels of a report by Bloomberg Business that questioned the retailer’s lending practices, stating that “behind its sparkly empire lie consumer loans that bankers might consider subprime debt.”
When asked Monday if the release of the preliminary fourth quarter figures was a direct reaction to the Bloomberg story, Signet spokesman David Bouffard said the company is “excited” about its fourth quarter results and wanted to share them now.
He also said that Signet wanted to share some credit metrics that it believes are “important to some shareholders.”
Light said in the release that the company is pleased with its current quarter performance so far and will release more details on Q1 during the company’s next earnings call, scheduled for March 24.
Signet’s positive fourth quarter comps outshone those of a number of other fine jewelry-selling retailers, including department store chain Macy’s and off-price retailer Kohl’s.
The retailer’s stock jumped nearly 14 percent following Monday’s announcement.
The Latest
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.