It is located in Marin County, California.
Online Sales Drive Holiday Season Growth for Signet
The retailer has upped the number of stores it plans to close from 150 to 165.
Akron, Ohio—The largest player in the jewelry industry recorded growth in comparable sales over the holiday season, fueled mainly by a double-digit increase in online sales.
Signet Jewelers Ltd. reported Thursday morning that in the nine-week period ended Jan. 4, total same-store sales inched up 1.6 percent, with comps in North America rising a full 2 percent.
Online sales are what drove the increase.
E-commerce sales reached $252.3 million, up 14 percent year-over-year, while comps at Signet’s brick-and-mortar stores in the U.K. and North America were essentially flat.
The payment plan participation rate, including both credit and leasing sales, declined year-over-year.
Signet said in April it planned to close 150 physical locations this fiscal year, which ends on Feb. 1.
That number has since increased to 165, with 38 stores opening for a net store reduction of 115.
Out of Signet’s traditional brick-and-mortar banners, Piercing Pagoda (comps up 7 percent), Zales (comps up 5 percent) and Canadian chain Peoples (comps up 5 percent) were the top performers.
Sales at Kay were flat, while Jared the Galleria of Jewelry saw comps slip 4 percent, and Signet’s regional banners recorded a 10 percent drop in same-store sales.
James Allen, which started as an online-only retailer but now has a couple physical locations, saw sales increase 27 percent.
Category-wise, Signet sold more bridal and fashion jewelry—lines like Neil Lane and Adrianna Papell bridal, the new Marilyn Monroe collection and Love + Be Loved—on the back of new product, while sales of beads and watches declined.
The company declined to comment on the performance of lab-grown diamonds, which it just started carrying in all its major U.S. stores this year, over the holiday season.
The number of transactions was up, while the average transaction value was flat.
Commenting on the company’s holiday season results, CEO Gina Drosos said: “We delivered holiday same-store sales growth ahead of guidance as we continued to implement year two of our ‘Path to Brilliance’ transformation.
“Product newness, investments in our digital capabilities and more targeted marketing campaigns drove both e-commerce and brick-and-mortar growth in North America.”
The retailer is increasing its financial guidance for the fiscal year to a same-store sales increase of 0.1 percent, with total sales reaching $6.1 billion.
Previously, Signet had forecast that same-store sales would decline as much as 2 percent.
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.