Signet Jewelers' Struggles Continue with Store Closures and Stock Drop.
Signet Jewelers, the parent company of Zales, Jared, and Kay Jewelers, reported a 14% decline in same-store sales for Q1 and plans to close 150 stores over the next year. The company cited economic concerns, lower tax refunds, and inflation as reasons for the decline. Bridal sales struggled due to fewer engagements, but the company is still growing market share in the category. Fashion jewelry sales remain weak at lower price points, but sales of jewelry priced at $5,000 and above remain strong. Signet is increasing its cost savings target to $225 million to $250 million and leveraging artificial intelligence to adjust its flexible employee hours.