Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Signet to Close 150 More Stores This Fiscal Year
Mall stores and regional banners likely will be first on the chopping block.
Akron, Ohio—Signet Jewelers Ltd. plans to shutter 100-plus stores this fiscal year as it continues along its “Path to Brilliance,” the retailer’s three-year turnaround plan.
The company reported lackluster fourth quarter results Wednesday, weighed down by a weak holiday season and faltering demand for its legacy merchandise.
Quarterly revenue fell 6 percent while same-store sales were down 2 percent.
The retailer’s e-commerce segment, however, was one of the bright spots, with online sales rising more than 5 percent to $260.6 million and accounting for 12 percent of overall sales.
“About 70 percent of our customers now have already shopped one of our online sites before they walk in the door,” CEO Gina Drosos said during the company’s earnings call Wednesday.
In contrast, brick-and-mortar same-store quarterly sales fell 3 percent.
Signet shuttered a total of 262 stores last year and plans to continue targeting underperforming stores, particularly in malls. It will close 150 more stores this year.
“We have seen better performance from our off-mall locations,” Drosos said on the call. “And so we have been moving systematically out of lower-performing malls and simplifying by moving out of regional banners.”
Since fiscal year 2016, Signet’s total store count has fallen 8 percent, SEC filings show.
It had 3,625 stores at the end of FY 2016. By the end of FY 2019, the retailer had 3,334.
By the end of FY 2020, Signet will have reduced its store base by 13 percent over a three-year period, Drosos said.
However, fewer stores has not translated into fewer sales opportunities, outgoing Chief Financial Officer Michele Santana noted on Wednesday’s call.
“When you look at the stores that we are closing and the geographic ring that surrounds it where we have either another banner or a sister banner, we have been pretty successful in capturing a sales transference rate to mute impact to the bottom line,” she said.
Looking to boost sales in its remaining locations, the retailer also will begin testing piercing in several Kay stores during the second half of fiscal 2020, perhaps looking to capture some momentum from the company’s top-performing segment.
Piercing Pagoda was a sales standout in the fourth quarter, seeing same- store sales climb more than 17 percent.
Signet’s plans for fiscal 2020 include introducing a greater assortment of products and upgrading its websites and mobile platforms.
The retailer will also look to self-purchasing and gifting as potential growth drivers.
Fiscal 2020 sales are expected to be between $6-$6.1 billion
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
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.
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.
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.