Signet Jewelers’ placement dropped on the 2024 National Retailer Federation (NRF) list of the top 100 retailers, which ranks companies based on annual sales.

The company — the only jewelry specialist to make the list — reached 67 after rating 56th last year, according to data the NRF released Wednesday. The new ranking is also lower than the 66th spot Signet secured in 2022. The owner of Kay, Zales, Jared and James Allen had progressively moved up the list since ranking 78th in 2021, largely due to its acquisitions of Rocksbox, Diamonds Direct and Blue Nile that year. However, its current status likely reflects economic and geopolitical challenges in the US, which have led to decreased consumer sentiment and sales of luxury items, including of diamonds and jewelry. 

Walmart maintained the top position, with Amazon, Costco, The Kroger Co. and The Home Depot completing the first five. Other businesses that sell jewelry also nabbed spots, with Macy’s placing 22nd, Kohl’s 30th, Nordstrom 34th and J.C. Penney 63rd. 

The list derives its estimates from publicly available data, as per the NRF, which acknowledged that these figures may vary from the companies’ published reports. The NRF reported Signet saw a decline in US sales of 7% in 2023, with $7.21 billion in worldwide sales and $6.53 billion in US revenue. That compared to 8% growth in 2022, with $8.32 billion in worldwide sales and $7.5 billion in US revenue. 

“When it comes to retail trends, NRF’s annual list of the Top 100 Retailers shows that the pandemic and pandemic-era spending are starting to ease,” said David Marcotte, senior vice president at Kantar Consulting, which helped compile the list. 

Image: A Kay Jewelers store in Bloomington, MN. (Shutterstock)