Signet Makes Big Jump in List of Top 100 Retailers
Signet Jewelers took a big leap in the 2023 National Retail Federation (NRF) list of the top 100 retailers, which ranks companies based on annual sales.
The group — the only jewelry specialist to make the list — came in at number 56 after rating 66th last year, the NRF data showed last week. In 2021, Signet ranked 78th.
The rise reflects a spate of acquisitions for the owner of Kay, Zales, Jared and James Allen. In April 2021, Signet purchased jewelry-rental subscription site Rocksbox, and in October of that year, it bought off-mall retailer Diamonds Direct. In August, it snapped up major online jewelry retailer Blue Nile.
Walmart maintained its number-one position, with Amazon, Costco, The Kroger Co. and The Home Depot rounding out the top five. Other businesses that carry jewelry grabbed spots, with Macy’s placing 22nd, Kohl’s 30th, Nordstrom 31st and J.C. Penney 59th.
The list uses estimates based on publicly available data, according to the NRF, which noted that its figures could differ from companies’ published numbers. NRF estimated Signet saw 7.7% US sales growth in 2022, with $8.32 billion in worldwide sales and $7.5 billion in US revenues.
According to Signet’s own reports, global sales were flat at $7.84 billion for the fiscal year that ended January 28, 2023, while North America revenues were also flat at $7.29 billion.
“Collectively, retailers were consistent across the board last year because [al]most everybody grew, and at more or less the same rate,” said David Marcotte, senior vice president at Kantar Consulting, which helped compile the list.
“One notable jump is Signet Jewelers, which continued its growth trajectory by moving 10 spots on the list,” the NRF added.
Image: A Kay Jewelers store in Woodbury, New York. (Shutterstock)