skip to main content
Moti Israeli diamonds - Banner
User icon simplified man
News
the israel diamond industry logo

SIGNET CLOSES 150 STORES, COMPANY PRESIDENT QUITS

Signet's total sales in the fourth quarter totaled $2.15 billion
Jewelry Sell Signet
Credit: Newscast

Diamond jewellery retail giant Signet Jewelers, which owns the Kay, Jared and Zales retail brands, is closing down 150 stores, according to a report in Diamond World. In the wake of the jeweller’s problems, Signet’s President Sebastian Hobbs, who’s been heading the company since 2011, has resigned.

 

Earlier this week, Signet published its results for the 13 weeks (“fourth quarter Fiscal 2019”) and 52 weeks (“Fiscal 2019”) ended February 2, 2019.

 

US luxury jewelry shoppers
Credit: Syda Productions / shutterstock.com

 

According to Rough & Polished, quoting the results, Signet’s total sales in the fourth quarter totaled $2.15 billion – down 6% year-on-year. For the 2019 fiscal year, sales totaled $6.2 billion – down 0.1% year-on-year.

 

Christmas Online Shopping
Credit: wavebreakmedia, Shutterstock.com

 

Virginia C. Drosos, Signet’s CEO, commented that the company “did not finish the year as strongly as expected due to a highly competitive promotional environment, continued consumer weakness in the UK, and lower than expected customer demand for legacy merchandise collections that impacted our holiday fourth quarter results”.



Tags: Diamonds News, Jewelry News, Diamond Jewelry News

More News