Signet Jewelers Q1 Sales +5.5% To $1.5bn
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