The company reported a modest 0.5 per cent decline in revenue for the three months ending 1 August, reaching $USD1.53 billion ($AUD2.14 billion). Signet oversees retailers such as Kay Jewelers, Zales, and Jared and is in the midst of a major brand restructure.
Signet reported an average sales price improvement of 6 per cent, led by increases among bridal and fashion products. CEO J.K Symancyk said the company was anticipating strong sales across all brands during the holiday season.
“We delivered another quarter of comparable-sales growth with a positive comparable performance in all fine jewellery brands. This includes high single-digit unit growth at higher price points,” Symancyk said.
“Building on this momentum, we are accelerating our key brand initiatives, including merchandise refreshes, enhancements to both the online and in-store customer experience, and a more modern and emotionally engaging marketing approach.
“By leveraging the full strength of our diversified portfolio, we are entering the back half of the year well-positioned to deliver compelling value throughout the holiday season for customers across a broad range of income levels.”
The company has updated its full-year guidance and expects that total sales for the financial year will land between $USD6.7 billion and $USD6.9 billion.
More reading
Jewellery sales improve in the aftermath of restructure
35 Years on: How a killer punchline sunk a jewellery juggernaut
Signet restructures multiple brands amid overhaul
Strong fourth quarter jewellery sales for retail giant
Lab-created diamonds are in fashion