It’s adapting to weak mall traffic.

Signet Jewelers Ltd. intends to close between 165 and 170 stores this year because of poor sales, MarketWatch reports.

At the same time, Signet will open between 90 and 115 stores.

Signet CEO Mark Light said the company is "adapting to a challenging retail environment and weak mall traffic."

Plans also call for "a significant increase in resources directed to our digital ecosystem," he said.

Signet (NYSE: SIG) is the parent of Sterling Jewelers, which operates Jared the Galleria of Jewelry, Kay Jewelers and Zales.

The company this week released its financial results for the fourth quarter of fiscal 2017 and for the 52 weeks ending Jan. 28.

For the quarter, same-store sales were down 4.5 percent. Operating income, at $399.2 million, was up 1.6 percent.

For the year, same-store sales declined 1.9 percent. Total sales declined 2.2 percent to $6.4 billion.

Read more at MarketWatch


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