Wednesday, June 5, 2024
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Signet Tops North American Jewelry Sales Despite Revenue Dip

Signet Jewelers maintained its position as the highest-grossing jeweler in North America in 2023, despite an 8% decline in revenue. According to National Jeweler magazine’s annual State of the Majors report, Signet’s total sales reached $6.7 billion, nearly double that of the second-placed Walmart.

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Signet, the world’s largest retailer of diamond jewelry, operates 2,400 stores under brands such as Kay, Zales, Jared, and Blue Nile. The company experienced a 6.3% fall in net sales during Q4 and a 9.6% decrease in same-store sales.

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In contrast, Walmart and third-placed Amazon both reported revenue increases for 2023. Richemont, the Swiss luxury conglomerate, dropped from third place in 2022 to fourth in 2023, with revenues falling nearly 8% to $3.11 billion.

LVMH held onto fifth place, followed by Costco in sixth and Macy’s in seventh. Pandora slipped from eighth to ninth, while Nonantum Capital Partners, the private equity firm that acquired Ross-Simons, moved into the eighth position. Bucherer remained in tenth place.

The number of North American retailers with jewelry sales exceeding $100 million remained steady at 36, unchanged from the previous year.

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