It is located in Marin County, California.
Signet Sees Sales Stabilize in Q1
Piercing Pagoda and Zales posted same-store sales gains while Kay Jewelers and Jared the Galleria of Jewelry both recorded declines.
Akron, Ohio--Signet Jewelers Ltd. saw sales stabilize in the first quarter, with same-store sales essentially flat and total sales growing 6 percent.
The Akron, Ohio-based retailer reported comp sales growth of 0.6 percent in North America in the first quarter ended May 5, while total sales reached $1.35 billion, up 6 percent year-over-year.
Zales (comps up 9 percent) and Piercing Pagoda (up 7 percent) outperformed Kay Jewelers and Jared the Galleria of Jewelers stores, which saw same-store sales slide 2 percent and 8 percent, respectively.
Strength in diamond solitaires as well as the Enchanted Disney Fine Jewelry, Neil Lane and Vera Wang Love collections helped offset weak sales of Ever Us jewelry and beads, as Signet “strategically reduced participation” in both the Charmed Memories and Persona collections, CEO Gina Drosos said during the company’s earnings call Wednesday morning.
She also noted that the transaction-related issues the retailer was having at Kay Jewelers when it began outsourcing its in-house credit program are still impacting sales but showing signs of slowing.
Sales at James Allen, the e-commerce site Signet acquired in September 2017, were up 29 percent and helped boost the company’s overall online sales to $146.5 million, an 81 percent year-over-year increase.
E-commerce sales accounted for 10 percent of first quarter sales, up from 6 percent in the prior-year first quarter.
Including sales at H. Samuel and Ernest Jones stores in the United Kingdom, Signet’s same-store sales declined 0.1 percent while total sales grew 6 percent-year-over-year to $1.48 billion.
Gross profit, however, declined to $484.8 million, or 32.7 percent of sales, impacted by the addition of James Allen, which is a lower margin business.
“In the first quarter, we saw signs of stabilization in our overall sales and once again achieved double-digit growth in e-commerce,” Drosos said.
Signet is in the midst of a three-pronged turnaround plan termed the “Path to Brilliance” that focuses on putting customers first, improving the omnichannel experience, and creating a culture that is more agile and efficient.
The company also is shedding stores, primarily in malls where it has both a Kay and a Zales, with plans to close upward of 200 locations in the latter half of this fiscal year.
Drosos provided a glimpse into strategies being employed in the “customer first” prong of its turnaround plan during Wednesday’s conference call.
She said Signet is working to differentiate product and the customer experience among the Kay, Zales and Jared chains, and will be
Drosos also mentioned Signet’s plan to expand targeting of customers outside of bridal and the holiday season, a strategy she brought up during her breakfast keynote delivered Friday at the Las Vegas jewelry trade shows. She said the company has been using online data analytics to target individuals for other life events, such as, in the most recent quarter, parents with children who are graduating from college.
Additionally on the Wednesday call, Signet announced the addition of two more new executives to its leadership team.
Mary Elizabeth Finn was name chief people officer, a role in which she will work to foster diversity and inclusion, and lead training and development for all team members. She comes to Signet from Nielsen, where she oversaw 44,000 employees across 100 countries.
Stephen E. Lovejoy is Signet’s new chief supply chain officer and will be responsible for driving efficiencies across the supply chain. He joins Signet from nutritional foods company Glanbia PLC and, prior to that, was the senior vice president of global supply chain for Starbucks.
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
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.
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.
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.