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Signet registers drop in its sales during the holiday season

18 january 2019

signet_logo_news.pngSignet Jewelers Limited, the world's largest retailer of diamond jewelry, has announced its sales results for the holiday season, that ended January 5, 2019.
Total sales of the company dropped by 2,5% to $1,835.4 bn for the 9 week holiday period.
Same store sales went down by 1.3% compared to last year while the company’s online sales went up by 5,6% to $222.3 mn.
Virginia C. Drosos said that during the holidays the sales hadn’t lived up to the company’s expectations and the company intended to take measures to strengthen the company’s position in the market.
‘‘Our holiday season performance fell short of our expectations,’’ she said. ‘‘These holiday results reinforce the need to take even faster action to improve our financial and operational performance.’’
Signet noted that the drop in sales was due to the low demand for the company’s legacy collection, while Enchanted Disney Fine Jewelry®, Vera Wang Love® and Neil Lane performed well. 
The firm also reviewed the guidance for the same store sales for the fourth quarter down 1.6% - down 2.5% compared to the previous guidance regarding which the sales should have stayed flat or up 1%.
Signet noted that its revenue in the fourth quarter might go down to $2.14-$2.16 bn from the expected $2.17-2.22 bn.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg