The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Signet Same-Stores Sales Down 2 Percent in Q3
The decrease, less than initially expected for the period, is attributed to declining sales in under-performing stores and weakness in energy-dependent regions.
Hamilton, Bermuda--Signet Jewelers Ltd. said that both same-store sales and total sales were down amid “challenging market conditions” in its third quarter ended Oct. 29.
The company reported Tuesday that same-store sales were down 2 percent in the 13-week period, marking the second consecutive quarter they were down. A decline during the quarter was expected, though the actual decrease was less than predicted--in the second quarter, the company indicated it expected Q3 comps to be down between 3 percent and 5 percent.
Meanwhile, total sales in the third quarter decreased nearly 3 percent to $1.19 billion in the third quarter, and total sales on a constant currency basis declined almost 1 percent.
The company attributed the decline in sales to under-performance in select stores, like some regional stores and some Jared stores, weakness in states where the economy is tied to the energy industry and declines in select collections such as Charmed Memories and watches.
This was slightly offset by strong performances during the quarter from fashion diamond jewelry, gold jewelry and select branded bridal, especially the Neil Lane and Vera Wang collections.
By operating segment, Sterling Jewelers’ same-store sales decreased 4 percent. Within this, comps at Kay during the period declined 3 percent while comps at Jared decreased 5 percent.
The Zale division, which includes Zales stores in the United States and Canada as well as Piercing Pagoda, saw comps decrease by more than 1 percent, with Zale US down by 2 percent.
Signet’s operating income was $32.1 million in the third quarter, compared with $33.6 million in the prior-year period.
The company also noted that it is continuing to review its credit program, which has come under some scrutiny in the past, and is looking into a number of options from retaining and optimizing the current in-house credit business to seeking a partnership that would enable it to gain greater financial flexibility.
Signet Jewelers also launched its clienteling system in Kay and Jared stores, which allows them to capture customer information to improve interactions between them and the sales team.
The company outlined a number of holiday season initiatives for the fourth quarter in its earnings call, including more targeted messaging and advertising in its marketing plan, expanding the Ever Us line with new extensions, leveraging the arm and ear trends with more products like stacking bracelets and ear climbers, and extending the Vera Wang collection into fashion jewelry.
Still,
The Latest
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Despite the rising prices, consumers continue to seek out the precious metal.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.