SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
SAMS Group Australia
advertisement
Goto your account
Search Stories by: 
and/or
 

News












Worldwide, Signet owns more than 2,800 stores including Kay Jewelers, Zales, Jared, Diamonds Direct, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel, Ernest Jones, and Sterling Jewelers. Photo: Zales Interior | Signet Jewelers
Worldwide, Signet owns more than 2,800 stores including Kay Jewelers, Zales, Jared, Diamonds Direct, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel, Ernest Jones, and Sterling Jewelers. Photo: Zales Interior | Signet Jewelers

Sales slump for US diamond jewellery giant

The world’s largest retailer of diamond jewellery, US-based Signet Jewelers, has reported a decline in fourth-quarter sales.

Sales decreased by 5 per cent year-on-year to $US2.67 billion ($AU3.97 billion) in the three months ending 28 January. 



“As we turn to FY24, we are confident in the sustainable competitive advantages we’ve built and our ability to leverage our enhanced infrastructure and scale to grow ahead of the jewellery industry.”
Virginia Drosos, Signet Jewelers

Additionally, same-store sales at branches open for at least one year declined by 9 per cent, while profit decreased 12 per cent.

Signet CEO Virginia C. Drosos said that despite the results there was still cause for optimism.

“We delivered on our three key priorities of increasing market share, achieving an annual double-digit non-GAAP operating margin, and leveraging capital allocation to drive shareholder returns despite headwinds and volatility throughout the year,” she said.

“As we turn to FY24, we are confident in the sustainable competitive advantages we’ve built and our ability to leverage our enhanced infrastructure and scale to grow ahead of the jewellery industry.”

The discouraging sales performance was attributed to a variety of causes including extreme weather conditions, labour strikes, and weakened currency in the UK.

“While timing and magnitude are difficult to predict, Signet also anticipates a continued shift of consumer discretionary spending away from the jewellery category, reflecting decelerating levels of consumer confidence and pent-up demand for experience-oriented categories, as well as expects further impacts of inflation and other macroeconomic factors on consumer spending.” a statement from Signet reads.

Worldwide, Signet owns more than 2,800 stores including Kay Jewelers, Zales, Jared, Diamonds Direct, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel, Ernest Jones, and Sterling Jewelers.

More reading
US retail giant raises full-year guidance
Drop in sales for Signet
Signet acquires retail rival for $US360 million
Signet Jewellers continues to exceed sales targets
Signet boycotts Russian diamonds, reveals huge revenue gains in 2022

 











Orange River Diamonds
advertisement





Read current issue

login to my account
Username: Password:
La Couronne Jewellery
advertisement
World Shiner
advertisement
Jeweller Magazine
advertisement
© 2024 Befindan Media