Signet Jewelers, which operates H Samuel and Ernest Jones in the UK, has reported flat same-store sales results for the first quarter of the year.
In its Q1 report for the 13 weeks ending May 5, 2018, Signet revealed its UK operation saw same store sales slide by 6.7%. Ernest Jones registered a slump of almost 8% year-on-year to $65.5 million (£48.6m), while turnover for H.Samuel fell by 5.4% to $63.2 million (£46.9m).
Overall, Signet Jewelers’ sustained investment in ecommerce reaped rewards in the first quarter of its financial year as online sales contributed to world-wide turnover rising by 5.5% to $1.5 billion (£1.1bn).
Much of the increase in sales came from the addition of American online diamond jewellery specialist, James Allen, which Signet acquired in September 2017.
Online sales across all segments now account for 10% of total sales, up from 5.8% in Q1 of 2017.
Signet chief executive officer, Virginia C. Drosos, states: “As we begin to implement our Signet Path to Brilliance transformation plan, we remain focused on driving operational improvement by executing on our Customer First, OmniChannel and Culture of Agility and Efficiency pillars. In the first quarter, we saw signs of stabilization in our overall sales and once again achieved double digit growth in eCommerce.”
She continues: “Looking ahead, we expect second quarter revenues to be impacted by a tougher prior year same store sales comparison and calendar shifts. We are maintaining our full year 2019 guidance and are intensely focused on laying the foundation to support improved performance in the holiday season. While progress will continue to be gradual and incremental, we are confident Signet is on the right path to achieve long-term sustainable, profitable growth.”