PodcastsJan 12, 2026
The latest poscasttest
FinancialsDec 03, 2020
Early Holiday Shoppers Bolster Signet’s Q3 Sales
The company geared up for the holiday rush, equipped with five times the shipping capacity it had this time last year.
Signet’s same-store sales were up 15 percent in the third quarter. The retailer is offering in-store, online, “Buy Online, Pick-Up in Store,” services and curbside delivery options for the holiday season. (Photo courtesy of Signet Jewelers)
Akron, Ohio—Signet Jewelers Ltd.’s sales posted strong third-quarter results with sales and same-store sales climbing double digits.
In the third quarter ending Oct. 31, sales totaled $1.3 billion, up 10 percent year-over-year, with same-store sales climbing 15 percent, the retailer reported Thursday morning.
Brick-and-mortar sales were up 7 percent. Online sales were up 71 percent year-over-year to $238.8 million.
Year-to-date, Signet’s sales have totaled $3.04 billion, down 24 percent year-over-year, with same-store sales sliding 20 percent.
"Our success came from a combination of factors including significant digital, product, and marketing innovations; our ability to capture pent-up demand as our stores reopened; and intentional efforts to capture early holiday shopping to help mitigate traditionally high in-store traffic days in December,” said CEO Gina Drosos in a press release.
Signet has been growing its digital capabilities, implementing a full-time virtual selling team to work virtually with customers from their homes or in stores. A total of 600,000 virtual appointments have been held so far.
“When consultants are involved, we see higher conversion rates and higher transaction value,” said Drosos on an earnings call Thursday morning.
In North America, where Signet’s banners include Kay, Jared and Zales, third-quarter same-store sales were up 16 percent to $1.18 billion.
Brick-and-mortar same-store sales in the region were up 8 percent, while online sales were up 73 percent.
The average transaction value (ATV) was up about 1 percent while the number of transactions was up 14 percent.
In the U.K., same-store sales were up 8 percent.
Brick-and-mortar sales rose about 1 percent while e-commerce sales were up 58 percent. ATV increased 18 percent while the number of transactions dropped 8 percent.
Product-wise, Drosos noted the popularity of brands like Neil Lane, Le Vian, and Vera Wang as well as its newer launches, like its collaboration with bridal gown designer Pnina Tornai and the Royal Asscher collection.
Customized pieces and sentimental gifts, including the Everything You Are line, available at Kay Jewelers and Zales, are also performing well.
Sales in the bridal category rose 13 percent to $612.5 million year-over-year in the third quarter and fell 22 percent to $1.4 billion in the first nine months.
Sales of fashion jewelry were up 16 percent to $420.2 million year-over-year in the third quarter and fell 21 percent to $1.04 billion in the year so far.
In the watches category, quarterly sales were down 13 percent to $67 million year-over-year and down 38 percent to $155.2 million so far this year.
Editors' Picks
Sponsored by
By banner, Piercing Pagoda was the star of the show with quarterly sales climbing 37 percent to $93.7 million. Year-to-date sales were down 9 percent to $204.4 million.
E-tailer James Allen posted quarterly sales of $76.6 million, up 26 percent year-over-year. Year-to-date sales were up 11 percent to 184.7 million.
Zales’s quarterly sales were up 13 percent to $251.4 million while year-to-date sales were down 22 percent to $618.8 million.
Jared’s quarterly sales rose 10 percent to $232.7 million. Year-to-date sales were down 24 percent to $546.6 million.
Kay Jewelers posted quarterly sales of $490.5 million, up 4 percent year-over-year. Year-to-date sales were down 27 percent to $1.15 billion.
Looking at its store count, Signet had 2,893 stores, 22 fewer than the previous third quarter and 315 fewer than the end of fiscal 2020. There will be 380 closures in total for the fiscal year.
As for the holiday season ahead, Signet said same-store sales were up 3 percent so far in the fourth quarter through Nov. 30.
The company has five times the shipping capacity it did last year in preparation for a rise in orders.
For the Thanksgiving weekend, same-store sales were down by low single digits due to weak retail store traffic, though it was somewhat offset by higher conversion rates, a shift to the digital platform, and higher transaction value.
However, the two weeks leading up to Christmas are the strongest for the company, said Signet, adding that same-store sales could be hurt by low traffic, COVID-19 social distancing capacity constraints, and store closures in response to the pandemic.
The company declined to provide financial guidance for the remainder of fiscal 2021 and said it believes the pandemic will have “a more significant negative effect” in December than November.
Signet will announce its holiday sales results Jan. 14, 2021.
More on Financials
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SourcingOct 08, 2024
Rio Tinto Begins New Phase of Production That Will Extend Diavik’s LifeCommercial production has begun underground at the Canadian diamond mine’s A21 pipe.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 08, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’? Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
