The giant jewelry retailer Signet has leaped from the 66th position to the 56th position in the latest list of leading US retailers compiled by the NRF (National Retail Federation), IDEX Online reports.
Signet’s worldwide sales totaled $8.32 billion in 2022, and its jump in the rankings can be attributed to Signet’s strategic acquisitions in 2022, including online retailer Blue Nile for $360 million and the chain of 22 specialty jewelry stores, Diamonds Direct, for $490 million.
Signet is the largest jewelry retailer in the US, and operates over 2,800 outlets under various brands such as Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, and Diamonds Direct. In other countries, the company operates under the brands Blue Nile, JamesAllen.com, Rocksbox, and Peoples Jewellers, as well as H. Samuel and Ernest Jones in the United Kingdom.
While the top three positions in the NRF list are occupied by multi-category retailers including Walmart ($600.94 billion), Amazon ($343.33 billion), and Costco ($217.53 billion), all of which offer jewelry among their product offerings, Signet stands out as the sole jewelry-focused company in the top 100.
Recently, Signet announced its financial results for Q1 2023 (ended April 29, 2023), showing a fall of 9.3% year-on-year to $1.7 billion in sales. According to Diamond World, quoting the company, the results “met its revenue and bottom-line targets for the quarter, despite facing challenging macroeconomic conditions.”
