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Sales decreased by 12 per cent on a year-on-year comparison, reaching $US1.39 billion ($AU2.12 billion) for the three months ending 28 October. Same-store sales also declined by 12 per cent. | Source: Zales / Signet
Sales decreased by 12 per cent on a year-on-year comparison, reaching $US1.39 billion ($AU2.12 billion) for the three months ending 28 October. Same-store sales also declined by 12 per cent. | Source: Zales / Signet

Sales decline for retail jewellery giant

The world’s largest retailer of diamond jewellery, US-based Signet Jewelers, recorded a third-quarter sales slump, which was attributed to a weakened economy.

Sales decreased by 12 per cent on a year-on-year comparison, reaching $US1.39 billion ($AU2.12 billion) for the three months ending 28 October. Same-store sales also declined by 12 per cent.

Virginia C. Drosos, CEO at Signet Jewelers
Virginia C. Drosos, CEO at Signet Jewelers
“These declines were driven by the impact of heightened inflationary pressure on consumers’ discretionary spending and the decline in the bridal category, driven by lower engagements,”
Virginia Drosos, Signet Jewelers

Bridal revenue decreased by 15 per cent, while sales of fashion jewellery declined by 12 per cent. Services, such as repairs and jewellery rental, increased by five per cent.

“These declines were driven by the impact of heightened inflationary pressure on consumers’ discretionary spending and the decline in the bridal category, driven by lower engagements,” the company said in a statement.

Demand for bridal jewellery increased in November, with sales in the fourth quarter expected to be between $US2.4 billion ($US3.66 billion) and $US2.6 billion ($US3.97 billion) – a forecasted decline of approximately 10 per cent year-on-year.

“Trends through Black Friday weekend, including sequential improvement in engagement trends, are performing in line with guidance expectations for the fourth quarter,” CEO Virginia Drosos said.

“As we enter the holiday season, jewellery remains a top-of-mind gifting category for consumers in a value-conscious shopping environment.”

Signet’s total sales for the first three quarters decreased by 10 per cent year-on-year to $US4.67 billion ($AU7.13 billion).

 

The above is a 5-year review of Signet
The above is a 5-year review of Signet's share price – despite the difficult last few years of trading it has gone from strength to strength.

 

More reading
Signet maintains guidance despite declining jewellery sales
Signet reviews forecast following sales decline
Signet CEO says excluding Russian diamonds will prove fruitful
Sales slump for US diamond jewellery giant
US retail giant raises full-year guidance
Drop in sales for Signet

 











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