Signet Jewelers has dropped in the 2024 National Retailer Federation (NRF) list of the top 100 retailers, which ranks companies based on annual sales.
The company, which is the only jewelry specialist on the list, reached the 67th position this year, down from 56th last year, according to data released by the NRF on Wednesday. This new ranking is also lower than the 66th spot Signet held in 2022. Signet, the owner of brands like Kay, Zales, Jared, and James Allen, had been climbing 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 diamonds and jewelry.
Walmart retained the top position on the list, with Amazon, Costco, The Kroger Co., and The Home Depot rounding out the top five. Other retailers that sell jewelry also secured spots, with Macy’s at 22nd, Kohl’s at 30th, Nordstrom at 34th, and J.C. Penney at 63rd.
The NRF’s list is based on estimates from publicly available data, and the organization acknowledged that these figures might differ from the companies’ published reports. The NRF reported that Signet saw a 7% decline in US sales in 2023, with $7.21 billion in worldwide sales and $6.53 billion in US revenue. This compares 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.
