Signet reported a 2 per cent increase in sales for the period ending 3 May, reaching $USD1.54 billion. Same-store sales improved by 2.5 per cent, while profit declined by 36 per cent.
The company has launched the ‘Grow Brand Love’ strategy, altering the approach of its major brands. CEO J.K. Symancyk said that results indicated positive early returns.
“Our three largest brands – Kay, Zales, and Jared – all saw sequential comp sales improvement from the fourth quarter on higher margins, highlighting the impact of our outsized focus on our larger brands,” he said.
“The Grow Brand Love strategy is gaining traction, and our reorganisation is substantially complete. While we’re in the early innings of Grow Brand Love, our strategy is already driving growth in both bridal and fashion.”
Other key changes for the retailer over the past year include an altered approach to lab-created diamonds, fashion jewellery, and recycled gold.
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