The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Q2 comps down for Zale, now officially part of Signet
Signet Jewelers Ltd. reported Thursday that second quarter same-store sales rose 7 percent for its Sterling Jewelers division but fell 1 percent at Zale Corp., which it officially acquired in late May.
Akron, Ohio--Signet Jewelers Ltd. reported Thursday that second quarter same-store sales rose 7 percent for its Sterling Jewelers division but fell 1 percent at Zale Corp., which it officially acquired in late May.
In the second quarter ended Aug. 2, Kay Jewelers turned in the strongest performance in the company’s Sterling division, reporting an 8 percent year-over-year increase in same-store sales. Comps also were up for Jared the Galleria of Jewelry (5 percent) and Sterling’s regional brands (2 percent.)
Total sales for Sterling Jewelers rose 9 percent to $810.4 million.
Le Vian, Neil Lane and the company’s colored diamond collections, Artistry and Vivid, were among the top sellers for the quarter. During the quarter, Sterling also added five Pandora shop-in-shops in its Jared stores and introduced a new collection for the chain called “Earthly Treasures,” which is done in partnership with the Smithsonian and features rarer colored gemstones.
At Zale, same-store sales were down across all nameplates expect Peoples Jewellers in Canada, where comps climbed 4 percent. Same-store sales were down 1 percent at Zales Jewelers and 3 percent at Piercing Pagoda.
Vera Wang Love, Arctic Brilliance Canadian Diamonds, Celebration and Unstoppable Love were among the division’s top sellers in the second quarter.
“I would say there was some distraction in the Zale business,” Signet CEO Mike Barnes said during the earnings conference call held Thursday morning, noting operational and merchandise changes that occurred during the quarter as Zale was integrated into Signet.
The $1.4 billion deal merging the two jewelry giants officially closed on May 29, right after Zale shareholders approved the deal.
Following completion of the merger, a number of top Zale executives resigned, including CEO and President Theo Killion, Chief Administrative Officer Matt Appel and Chief Marketing Officer Richard Lennox.
RELATED CONTENT: Zale CEO resigns in post-merger shakeup
As a whole, Signet Jewelers, including its U.K. division, reported that same-store sales were up 5 percent in the quarter while total sales rose 39 percent. Excluding the Zale acquisition, total sales were up 11 percent and same-store sales increased 6 percent.
Gross margin shrunk from 35.2 percent to 33.4 percent. Excluding the Zale acquisition, gross margin was 34.8 percent of sales.
Net income fell 14 percent from $67.4 million to $58.0 million. Excluding the Zale acquisition, net income was $79.9 million, a 19 percent increase.
During Thursday morning’s call, Barnes said that the company
He also said that all the company’s divisions will be increasing their television advertising this fall and introducing new commercials.
In addition to the integration of Zale, Signet executives said that during the second quarter it completed conversion of all remaining Ultra Diamond outlet stores into either Kay Outlets or its new concept Jared Vault stores, adding that sales in its outlet division were one of the key drivers of second quarter growth.
Editor's note: The article was updated to correct Richard Lennox's position with Zale Corp. He was the chief marketing officer, not the chief merchandising officer as previously stated.
The Latest
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.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
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.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
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.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.