Earlier this year in a cost-cutting move, Signet Jewelers, which claims to be "the world's largest retailer of diamond jewelry," asked its employees in Akron, Ohio and Dallas, Texas to apply for a "Voluntary Transition Program" out of the company. “Based on participation," the company wrote, "we may need to take additional actions including an involuntary reduction-in-force.” The message wasclear enough: take the buyout or risk being fired without one. Not enough people took the severance package and assistance in finding a new job voluntarily, and the firings have arrived.
Signet Jewelers, North America's largest retail chain for diamond jewelry, endured an uninspiring fourth quarter as weak holiday sales weighed down revenues, sending the jewelry group to a combined 6% loss in Q4 and a 0.1% loss on Fiscal Year 2019. Signet's total Q4 sales (in the 13 weeks ended February 2, 2019) were $2.15 billion, down $138.4 million or 6.0% on a reported basis and 5.4% on a constant currency basis.
Signet Jewelers, which claims to be "the world's largest retailer of diamond jewelry," is asking its employees in Akron, Ohio and Dallas, Texas to apply for "voluntary buyouts". The buyout program was communicated to all Akron employees (2,600) and 780 in Dallas in a series of staff memos issued a week ago. The announcement came as Signet, which operates more than 3,500 stores including Kay Jewelers, Zales, Jared the Galleria of Jewelry and Piercing Pagoda, tries to cut costs as part of its “Path to Brilliance” business plan, spokesman David Bouffard said.
Signet Jewelers, the United States' largest retailer of diamond jewelry, announced its same-store sales fell 1.3% to $1.84 billion during the "Holiday Season" (the 9 weeks ended January 5, 2019) as the company failed to get enough demand from its legacy product lines and enough traffic in their stores during key weeks in December. For the current quarter ending Feb. 2, it now expects same-store sales to be down 1.6% to $2.5%.
Signet Jewelers' online diamond bridal jewelry retailer JamesAllen.com has officially opened its new concept retail store in Georgetown, Washington DC. The brick-and-mortar location is a first for the online retailer, and is intended to lure and engage consumers by encouraging them to interact with the product as well as their staff. The initiative launches Signet's effort to draw traffic to their digital platform while tapping into the "immersive" experiential aspect shopping, a combination favored particularly by the younger generations.
Signet Jewelers' CEO Gina Drosos said the brand will follow consumer demand when deciding whether the company will start selling lab-grown diamonds in its stores, which currently number about 3,500 (3,000 in North America, 500 international). Industry insiders have told us they suspect decision has already been made. The CEO made the remark during a conference call about Signet's Q2 2019 results.
Signet Jewelers yesterday announced the completion of the final phase of its strategic outsourcing of credit through the sale of its existing non-prime receivables, for which the group received $445.5 million in cash proceeds.
Signet Jewelers recorded a $77.2 million (5.5%) increase in overall sales during the 13 weeks ended May 5, 2018 (Q1 fiscal 2019), yet profits tumbled as the retail group reported a net loss of $496.6 million in the quarter, compared with a profit of $78.5 million in the year-earlier period due to a non-cash impairment related to the credit-outsourcing transition and restructuring charges.
Signet Jewelers, called "the world’s largest retailer of diamond jewelry" and owns Kay Jewelers, Zales and Jared, will become the first retailer to join De Beers' diamond blockchain pilot program for tracking a diamond’s journey digitally from mine to retail. Launched in January 2018 following a successful proof-of-concept trial, the platform, called Tracr, is billed a comprehensive mine-to-customer traceability solution for the entire diamond industry. The pilot project involves a small group of industry participants - five leading diamond manufacturers
Signet CEO Virginia 'Gina' Drosos recently spoke with Yahoo Finance about digital marketing and millennials, providing some candid perspectives about the thought process of the retail giant. Perhaps her most ringing comment, however, was about laboratory-grown diamonds.
Signet Jewelers same store sales declined 5.2% in the fourth quarter and declined 5.3% in full year fiscal ended February 3, 2018, the company announces at the conclusion of a self-described "challenging year". At the same time they announced two additions to its Board of Directors, appointing Sharon L. McCollam and Nancy A. Reardon as Independent Directors effective March 13, 2018.
Signet's total sales for the 9 weeks ended December 30, 2017 (“Holiday Season”) were $1,881.7 million, down $59.2 million or 3.1%, compared to $1,940.9 million in the prior year, the group announced in a press release today. Same Store Sales (SSS) decreased 5.3%. Sales declines were primarily driven by weakness in the Sterling division (Kay, Jared, R2Net and Regional brands), impacted predominantly by the credit outsourcing transition* which accounted for approximately two-thirds of the decrease. R2Net was the best performer in the division, increasing sales 38.6% to $50.6 million.
Signet Jewelers announced its results for the 13 weeks ended October 28, 2017 (Q3 Fiscal 2018): total sales were $1,156.9 million, down $29.3 million or 2.5%, compared to a decrease also of 2.5% in the 13 weeks ended October 29, 2016. The retailer's same-store sales ("SSS") were down 5.0%, including an estimated 120 basis point negative impact that they attributed to weather-related incidents (read, hurricanes) and systems and process disruptions associated with outsourcing the credit portfolio.
Signet's total sales for the Second Quarter of fiscal 2018 were $1.4 billion, up $26.2 million or 1.9%, compared to a decrease of 2.6% in the 13 weeks ended July 30, 2016 (Q2 2017). However, the jeweler’s first-half sales fell 5% to $2.8 billion, with profit sliding 25% to $171.9 million. The company also announced that it has agreed to acquire R2Net for $328 million in an all cash transaction.
Signet Jewelers Limited has been recognized for its corporate social responsibility and sustainability efforts by being named as a component of the FTSE4Good US and Global Indices in 2017. Signet joins this group of other publicly traded companies with strong environmental, social and governance (ESG) practices. “Signet is proud of our commitment to reducing our energy consumption and raising our efficiency levels across our business.
Signet Jewelers Limited today announced that its Board of Directors has appointed Virginia "Gina" C. Drosos, who has served as an independent director of the Company’s Board since 2012, as the new Chief Executive Officer of Signet, effective August 1, 2017. She is taking over the reins from Mark Light, who has served as CEO of Signet since 2014; he decided to retire after more than 35 years with the company due to health reasons, the company said in a statement.
Signet Jewelers Limited has announced that it had reached an agreement with the Equal Employment Opportunity Commission (EEOC) to resolve all claims related to the pay and promotion of female retail sales employees at the company in EEOC v. Sterling Jewelers Inc. The Consent Decree states there were “no findings of liability or
Following the end of year 2016 in which poor sales performance and management changes were overshadowed by the reemergence of allegations of rampant sexual harassment and discrimination, Signet Jewelers is clearly making an effort to polish its i
Signet Jewelers, as part of its effort to support and reinforce its Responsible Sourcing Protocol for Diamonds (D-SRSP), has been working on a project with product-testing firm United Laboratories and the Diamond Producers Association to create a facility for testing synthetic diamond screening equipment, writes Rapaport News.** The intention is to create an industry standard for such equipment so that, "su
Diamond industry analyst and author of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky, takes us on, "A Trip Through the Diamond Industry in March 2017." If there is one trip you make this weekend, we recommend this one.
Signet Jewelers, recently making unfortunate headlines with the reemergence of allegations for sexual harassment, has reported falling sales nearly across the board in the fourth quarter (the 13 weeks ended January 28, 2017), as overall same-stores sales fell 4.5% in the quarter, and 1.9% for fiscal year 2017. The 4.5% fall in Q4 sales compares unfavorably to a 4.9% increase in Q4 2016.
Hundreds of former employees of Sterling Jewelers, the multibillion-dollar conglomerate owned by Signet - the largest specialty jewelry retailer in the US, UK and Canada, with about 3,600 stores under brand names such as Kay Jewelers and Jared The Galleria of Jewelry - claim that its chief executive and other company leaders presided over a corporate culture that fostered rampant sexual harassment and discrimination, according to arbitration documents obtained by
Signet Jewelers has announced several organizational changes, "Designed to enable execution of key business priorities including strengthening customer service, enhancing digital capabilities and driving profitable growth." This includes the promotion of Sebastian Hobbs, UK Managing Director, to the newly created role of President and Chief Customer Officer, while two long-time executives will be retiring: Ed Hrabak, Signet Chief Operations Officer; and Tryna Kochanek, EVP, North American Store Operations.
Announcing the results of a disappointing Holiday Season (the nine weeks ended December 31, 2016), Signet Jewelers Limited, the world's largest retailer of diamond jewelry said its same store sales had decreased 4.6% during the crucial period, compared to an increase of 5.1% during the corresponding period a year earlier. Total sales at $1,940.9 million were down by $104.2 million or 5.1% as compared to an increase of 5.3% in the prior year, the retailer noted, adding that the decline was driven principally by underperformance in its Sterling division e-commerce business.
Signet Jewelers, the world's largest retailer of diamond jewelry, reports its same store sales for the third quarter of fiscal 2017 (ended October 29) fell 2.0%, while total sales fell $30.2 million to $1.2 billion, a 2.5% decline. Nonetheless, the results outstripped the company’s own guidance of a 3 to 5 percent decline. As Mark Light, Chief Executive Officer of Signet Jewelers said, “We expected challenging market conditions to result in a sales decline.
The United States Jewelry Council (USJC) will host a jewelry industry summit, "One of the most important consumer confidence issue of the day – undisclosed lab-grown diamonds." Signet Jewelers is sponsoring the event. In addition to the 13 U.S.-based jewelry trade associations that are members of the U.S. Jewelry Council, the World Federation of Diamond Bourses also supports the event, which will be held November 1 at the Waldorf Astoria in New York City.
Following downward-trending second quarter reports from major U.S. jewelers such as Signet, Zales (part of Signet) and Tiffany & Co, sales at specialty jewelry stores also fell in July, reports Rapaport News. "Sales fell 2.2 percent to $2.1 billion across outlets selling only jewelry and watch products during the month, according to the U.S. Census Bureau.
In response to allegations of diamond swapping earlier this year, Signet Jewelers will carry out the trial of mapping technology that will allow customers to track diamonds they buy from the retailer. The equipment enables the customer to see the flaws in a diamond. Signet will test it from November to January at Kay Jewelers stores, Rapaport reports. Every diamond has a “thumbprint” and "unique marks," Mark Light, Signet’s chief executive officer, said in a call with analysts.
We at ABN AMRO support initiatives that create more insight into the value chain, its key players, engages with the right side of the market and excludes areas which show less transparency or no willingness to learn and improve. We see other banks doing the same more and more. In the end there will only be credit lines available for companies with good corporate standards and track record, whether they are small or big doesn't matter ... We expect more consolidation and certain companies going out of business.
JCK Magazine reports that Zales, owned by its giant parent company Signet Jewelers, is set to carry LGBTQ-focused fine jewelry collection Love and Pride, making it the first such line to be carried by a major jewelry retail chain. "The seminal LGBTQ line, which appeared on Showtime’s The L Word and has figured prominently in countless LGBTQ wedding ceremonies, recently debuted at Zales stores across the country, in Canada, and online", writes Emili Vesilind, who interviewed Love and Pride designer Udi Behr.
Kay Jewelers, a unit of Signet Jewelers, is increasing its discounts to revive its sparkle with consumers after its shares lost around 20% of their value in the past month due to allegations that some of its stores were swapping diamonds with fakes and that the company's debt-collection techniques could be problematic for regulatory bodies, CBS News in the United States reported. Signet CEO Mark Light said the company is adding "incremental promotions" to attract customers.
American law firm Federman & Sherwood has started an investigation on behalf of investors of Signet Jewelers Ltd. on whether Signet and certain of its officers and/or directors violated sections of the Securities Exchange Act of 1934.
Forevermark will be promoting its 'Ever Us' two-stone diamond collection in the fourth quarter aimed at driving consumers into jewelry stores during the holiday season. Forevermark executives said at the JCK Show they would focus on emotional, product-specific advertising. The campaign will include a nationally televised commercial featuring the Ever Us two-stone diamond collection, showing the bypass ring as well as other two-stone designs including earrings and pendants. In addition to the commercial, the Ever Us Forevermark ads also will run in digital and social media.
ALROSA President Andrey Zharkov held a series of meetings with a broad range of industry stakeholders and associations during a visit to the JCK Show in Las Vegas this week on increasing diamond sales and implementing joint marketing programs. These included meetings with Signet Jewelers CEO Mark Light and Chow Tai Fook CEO Kent Wong on the possibility of joint marketing events aimed at the promotion of diamond consumption.
Signet Jewelers Ltd. has responded to recent allegations regarding its gem quality by affirming its "rigorous product quality practices." Its stock price dropped by 6.6% on Thursday after reports that an investment newsletter raised questions about Signet's credit portfolio and gem quality. "In addition, we strongly object to recent allegations on social media, republished and grossly amplified, that our team members systematically mishandle customers' jewelry repairs or engage in 'diamond swapping,'" the company said in a statement.
Signet Jewelers Ltd. shares took a hit on Thursday, after the jewelry retailer missed fiscal first-quarter sales expectations and provided a downbeat outlook. For the quarter ended April 30, profits climbed to $146.8 million from $118.8 million in the year-earlier period, and while rose to $1.58 billion from $1.53 billion it missed analysts' expectations of $1.61 billion. Similarly, same-store sales increased by 2.4%, but were below expectations of a 3.6% increase, with its Zale, U.K. Jewelry and Sterling Jewelers divisions all coming in below forecasts.
Signet Jewelers Limited reported that same store sales increased 4.1% in its fiscal 2016 year ended January 30, 2016, while annual total sales of $6.55 billion showed an increase on the year of 14.2%. Fourth quarter same store sales increased by 4.9% the world's largest retailer of diamond jewelry reported in its results for the 2016 fiscal fourth quarter and fiscal 2016 year.
JCK's Rob Bates takes an in-depth look at Signet’s Responsible Sourcing Protocol for Diamonds that aims to provide information on the origin of stones from the diamond industry's "notoriously convoluted supply chain" where parcels are frequently sold from various sources. "The new program was designed with that in mind and will allow companies to break down the origin of their diamonds into several different categories, says Signet consultant John Hall, the Rio Tinto veteran who helped design the protocol. “We recognized that we needed to have a fairly good amount of flexibility,” he says.
Professional Jeweller attended Signet Jewelers has held a roundtable event in London for the U.K. industry to discuss its Responsible Sourcing Protocol for Diamonds (D-SRSP), which aims to provide increased transparency and continuous improvement in the integrity of the global diamond supply. Signet consulted with De Beers and the Responsible Jewellery Council (RJC) in developing the D-SRSP which adheres to both De Beers’ Best Practice Principles (BPPs) and RJC standards, the event was told according to Professional Jeweller.
Signet Jewelers Limited, the world's biggest retailer of diamond jewelry, has seen a sharp rise in its share price today (Monday) after it reported that fiscal fourth quarter same store sales increased 4.9% on the year in the period ending January 30, 2016. That compares with analysts' forecasts of a 4.6% increase. The firm also said its earnings per share will be strongly higher.
Signet's directors have commended a new share repurchase authorization of $750 million and also approved an 18% increase in dividend.