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Signet sales rise but UK division continues to suffer

Signet Group plc

Jewellery giant Signet posted better than expected sales in Q3, but the UK division continued to suffer.

Same store sales for the jewellery retailer group increased by 2.1% in the 13 weeks ending November 2 2019, while sales in the UK dropped, which includes H Samuel and Ernest Jones, dipped by 5.2% to $106.4 million (£81m).

ATV and the number of transactions in the UK decreased 1.4% and 4.3%, respectively.

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Signet did not go into details about how each store performed, or what categories struggled, but merely writes that its international business “continued to reflect a difficult operating environment in the UK”.

Since the start of the year Signet has closed five Ernest Jones boutiques and 11 H Samuel stores.

Total sales for Signet in Q3 were $1.19 billion, down 0.3% on a reported basis and up 0.2% on a constant currency basis.

eCommerce sales increased by 11.4% year-on-year and accounted for 11.7% of sales.

Signet chief executive officer, Virginia C. Drosos, comments: “We delivered positive same store sales and improved profitability year over year and ahead of our guidance as we continued to drive our Path to Brilliance transformation.

“As we approach the key selling weeks ahead, we are focused on successfully executing our customer inspired holiday plans featuring new on-trend merchandise, enhanced eCommerce capabilities, and more relevant and targeted marketing campaigns. Our financial guidance embeds the progress we have seen year to date balanced with our expectation for a competitive retail holiday environment.”

Tags : Ernest JonesH SamuelSignet
Stacey Hailes

The author Stacey Hailes

Editor, Professional Jeweller

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