Connect with us

Headlines

Signet Reports Disappointing Holiday Sales Results

mm

Published

on

Technical issues were a major problem.

Signet Jewelers Ltd. reported that its total sales decreased 5.1 percent for the nine weeks ended Dec. 31, compared with a 5.3 percent increase in the same period a year earlier.

The disappointing holiday results were driven mainly by underperformance in the company’s Sterling division e-commerce business, Signet CEO Mark Light said.

“A preliminary view of market data suggests that the jewelry category was broadly flat to modestly down with in-store sales down mid-single-digits and e-commerce sales up double-digits,” he said. “Signet’s in-store results were in-line with the jewerly market, but technical performance issues in Sterling’s e-commerce platform largely led to Signet’s lower-than-expected results.”

He said the Sterling e-commerce problems were due to “recent enhancements that did not perform as expected when exposed to high holiday volume.”

“We are investing and directing more resources to improve the functioning of the platform and the overall customer digital journey,” Light said.

Signet’s (NYSE: SIG) same store sales decreased 4.6 percent compared with an increase of 5.1 percent in the year-ago period. Total sales on a constant currency basis decreased 3.3 percent compared with an increase of 6.6 percent in the prior year.

Advertisement

Signet owns Zales, Jared and Kay jewelers.

Advertisement

SPONSORED VIDEO

Maximize Every Sale with Wilkerson

When it’s time to run a sale, whether it’s a retirement, going-out-of-business, anniversary or “we’ve got too much merchandise” sale, let Wilkerson handle the details. The Diamond Galleria did just that when they selected Wilkerson to run its liquidation sale. According to Sharon, their CPA, it was the right choice. “We could have done a going-out-of-business sale ourselves and done 30 to 40 percent of what we actually sold with Wilkerson involved,” she says. Seeing the strategies that Wilkerson puts in place for every sale was something that convinced her they had made the right move. “I would highly recommend Wilkerson to anyone considering this type of sale.”

Promoted Headlines

Most Popular