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

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

Promoted Headlines

Most Popular