“The divestiture of this non-strategic business allows Signet to more quickly apply key elements of our U.K. Signet said it may sell six additional Ernest Jones to Watches of Switzerland stores in the fourth quarter. The company recently sold 15 Ernest Jones stores to Watches of Switzerland, with the accretive sale multiple generating proceeds of $53 million, which will add $12 million for Signet in Q4. International sales totaled $94 million, down 1 percent year-over-year. Signet’s international banners include Ernest Jones and H. Same-store sales also were down 12 percent. Signet’s third-quarter sales in the region totaled $1.3 billion, down 12 percent year-over-year. In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada. Same-store sales in this period were down 13 percent. In the first nine months of the year, Signet’s sales have totaled $4.67 billion, down 10 percent year-over-year. 28, Signet’s sales totaled $1.4 billion, down 12 percent year-over-year but at the high end of its sales forecast for the quarter of $1.36 billion to $1.41 billion.ĭrosos noted the third quarter is usually unimpressive as it’s the one quarter without a major gifting holiday and is also when the company is investing in marketing for the upcoming holiday season. However, the number of engagements is expected to pick up later in fiscal 2024, with a more robust rebound expected in fiscal 2025.įor the quarter ending Oct. Signet’s data shows engagements typically occur within three years of a couple dating, a trend that was interrupted by the COVID-19 pandemic resulting in fewer engagements this year. The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, noted an uptick in the number of engagement rings sold through Black Friday weekend.Įngagement units have begun to rebound in recent weeks, said Drosos, who reiterated the retailer’s prediction of a gradual three-year recovery. Drosos said fine jewelry is “experiencing its second COVID,” referencing the initial struggles to make sales during the early days of the pandemic, but said she is confident a rebound is ahead. aheadĭuring an earnings call this morning, Signet CEO Virginia C. reported a double-digit drop in sales in the third quarter as engagements remain slow to recover, but it is still bullish on the holiday season. This Fink's Jewelers Virginia Beach location also serves the community in the surrounding areas of Norfolk, Chesapeake, Suffolk, Portsmouth, Williamsburg, Outer Banks, Duck, Kitty Hawk, Nags Head, Jamestown, Newport News, Hampton, Poquoson, Yorktown, and Elizabeth City.Akron, Ohio-Signet Jewelers Ltd. No matter what you may envision, we can make your dream a reality. Our knowledgeable design team is here to guide you through the process, from creation to finished product. Our experienced jewelers also specialize in custom jewelry design, making your item one-of-a-kind. When you visit our Virginia Beach location, you’ll be able to choose from a large selection of stunning jewelry and designer watches that will make any celebration extra special. Our team provides excellent customer service, learning about what jewelry you’re looking for, the special occasion, and finding the perfect jewelry or timepiece. Find the perfect engagement ring, men’s wedding band, or diamond jewelry when you make an appointment or stop by our Virginia Beach jewelry store. We have provided the largest selection of jewelry to Virginia Beach and surrounding communities since 1999.
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