CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
FinancialsMar 09, 2017
Signet Chairman Speaks Out on Controversies
Signet Jewelers Ltd.’s quarterly earnings call began with an unusual occurrence: a statement from board Chairman Todd Stitzer.
Kay Jewelers is one of the chain operated by Signet Jewelers Ltd., which saw it same-store and total sales decline 2 percent last year.
Akron, Ohio--Signet Jewelers Ltd.’s quarterly earnings call began with an unusual occurrence: a statement from board Chairman Todd Stitzer.
And he immediately addressed the elephant in the room: the waves of negative publicity that have pounded Signet since The Washington Post published a story in late February detailing past accounts of sexual harassment and mistreatment of female employees at the company.
The report was based on more than 1,300 pages of recently unsealed documents filed as part of the ongoing class-action arbitration in which women allege they were passed over for promotions and paid less than men.
On Thursday, Stitzer reiterated the point made by a company spokesman immediately after the Post story ran: that the ongoing class-action case contains no allegations of sexual harassment and that the allegations are not an accurate reflection of the company’s culture. They were made by a small group of women and relate to incidences that happened in the 1990s through 2005, he said.
“We have a culture in which capable women thrive professionally and advance,” he said, pointing to the fact that 34 percent of Signet’s C-level executives are women, as are more than 60 percent of store managers.
And Stitzer announced that the company is taking a number of additional steps to “reaffirm” its commitment to equal opportunity, including the formation of a new board committee comprised entirely of women that will focus on workplace respect and advancement of female employees.
The Post report was the latest in a line of blows for Signet, which saw sales decline last year as it grappled with the fallout from allegations of stone-swapping at Kay Jewelers stores--which Stitzer called “categorically false”--and had to address questions about the quality of its credit program.
Stitzer admitted in his remarks Thursday morning that in light of all the controversies and declining sales, he has been asked about the quality of the management team and about the 2014 appointment of Mark Light, who was mentioned by name in the Post’s story, as CEO in light of the ongoing arbitration.
He said the board took all factors into account in deciding to appoint Light as CEO and pointed to the “consistent and high-quality growth” of the company delivered by the management team under Light’s leadership.
Stitzer acknowledged, however, that the company had a challenging fiscal 2017 due to its own “shortcomings” and a difficult retail environment for jewelry and noted that, “Our board is very focused on management’s performance.”
Signet’s
Editors' Picks
Sponsored by
same-store fourth quarter sales were down 5 percent while total sales also declined 5 percent to $2.27 billion.
E-commerce sales were down 3 percent due in part to the previously reported technical problems with the Kay Jewelers and Jared the Galleria of Jewelry websites.
For fiscal year 2017 ended Jan. 28, Signet’s same-store sales were down 2 percent year-over-year while total sales slid 2 percent to $6.4 billion.
Piercing Pagoda outperformed the rest of the company, posting a 6 percent increase in same-store sales in the fourth quarter and a 7 percent increase for the full year.
Product-wise, diamond earrings and bracelets were top performers, while the Ever Us and Vera Wang collections also did well for the company.
Light pointed to a confluence of factors as contributing to the retailer’s troubles, including a decline in mall traffic, a promotional retail environment, a decline in demand for fine jewelry overall and the technical problems.
He said the company is working to cut page load speeds for the Sterling division stores (Kay and Jared) by half in time for Mother’s Day shopping.
The company also is working on improving search engine optimization and increasing the amount of user-generated content on its websites.
E-commerce sales were down 3 percent due in part to the previously reported technical problems with the Kay Jewelers and Jared the Galleria of Jewelry websites.
For fiscal year 2017 ended Jan. 28, Signet’s same-store sales were down 2 percent year-over-year while total sales slid 2 percent to $6.4 billion.
Piercing Pagoda outperformed the rest of the company, posting a 6 percent increase in same-store sales in the fourth quarter and a 7 percent increase for the full year.
Product-wise, diamond earrings and bracelets were top performers, while the Ever Us and Vera Wang collections also did well for the company.
Light pointed to a confluence of factors as contributing to the retailer’s troubles, including a decline in mall traffic, a promotional retail environment, a decline in demand for fine jewelry overall and the technical problems.
He said the company is working to cut page load speeds for the Sterling division stores (Kay and Jared) by half in time for Mother’s Day shopping.
The company also is working on improving search engine optimization and increasing the amount of user-generated content on its websites.
More on Financials
The Latest
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High 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.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
