The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
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
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.