Signet Jewelers Limited, the world's largest retailer of diamond jewellery, today announced its results for the 13 weeks ended May 5 — the first quarter of fiscal 2019 — reporting total sales of $1.48 billion, up 5.5 percent from the $1.4 billion reported in the first quarter of fiscal 2018. On a constant currency basis, this was an increase of 4.3 percent.
Same store sales, however, remained flat when compared to the same quarter last year.
Signet maintained its 2019 fiscal guidance of $5.9 billion to $6.1 billion in total sales and same store sales down by low-to-mid single digits. The company also continues to expect $475 million in share repurchases during this fiscal year, of which $60 million were repurchased in the first quarter.
Company Chief Executive Virginia Drosos commented, “As we begin to implement our Signet Path to Brilliance transformation plan, we remain focused on driving operational improvement by executing on our Customer First, OmniChannel and Culture of Agility and Efficiency pillars. In the first quarter, we saw signs of stabilisation in our overall sales and once again achieved double digit growth in eCommerce.”
She continued, “Looking ahead, we expect second quarter revenues to be impacted by a tougher prior year same store sales comparison and calendar shifts. We are maintaining our full year 2019 guidance and are intensely focused on laying the foundation to support improved performance in the holiday season. While progress will continue to be gradual and incremental, we are confident Signet is on the right path to achieve long-term sustainable, profitable growth.”