Signet Jewel­ers Q1 Sales +5.5% To $1.5bn

Solitaire - - SPECTRUM -

Signet Jewel­ers Lim­ited, the world’s largest re­tailer of di­a­mond jew­ellery, said to­tal sales for the first quar­ter of fis­cal 2019 were up 5.5% to $1.5 bil­lion. E-com­merce sales in the first quar­ter in­clud­ing James Allen were $146.5 mil­lion, up 80.9% on a re­ported ba­sis. James Allen sales were $53.3 mil­lion in the quar­ter up 29.4% com­pared to the prior year quar­ter, and had a pos­i­tive 85 bps im­pact on to­tal com­pany same store sales. E-com­merce sales in­creased across all seg­ments and ac­counted for 9.9% of first quar­ter sales, up from 5.8% of to­tal sales in the prior year first quar­ter.

Signet Jewel­ers CEO Vir­ginia C. Drosos said, “In the first quar­ter, we saw signs of sta­bil­i­sa­tion in our over­all sales and once again achieved dou­ble digit growth in e-com­merce. 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.”

More­over, Signet also an­nounced two ex­ec­u­tive ap­point­ments round­ing out a Lead­er­ship Team aligned to drive the com­pany’s trans­for­ma­tion un­der its Path to Bril­liance plan. Mary El­iz­a­beth Finn has been named Chief Peo­ple Of­fi­cer and Stephen E. Love­joy has been named Chief Supply Chain Of­fi­cer, ef­fec­tive im­me­di­ately. They will re­port di­rectly to the chief ex­ec­u­tive of­fi­cer Vir­ginia C. Drosos.

Finn and Love­joy join a Signet Lead­er­ship Team that has been re­or­gan­ised in re­cent months to more ef­fec­tively drive the com­pany’s strate­gic pri­or­i­ties of Cus­tomer First, Om­niChan­nel, and a Cul­ture of Agility and Ef­fi­ciency.

Signet Jewel­ers CEO Vir­ginia C. Drosos

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.