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Signet Q3 Sales $1.2B; E-Commerce Now 10.5% Of Total

Signet Jewelers Limited announced its third quarter results (13 weeks ended November 3) for fiscal 2019, reporting sales for the period of $1.19 billion, up 3 percent on a reported basis and up 3.3 percent on a constant currency basis from the same quarter in fiscal 2018.

Total same store sales performance was 1.6 percent versus the prior year quarter, inclusive of a 75 basis points unfavourable impact due to planned shifts in timing of promotions at Zales and Peoples.

E-commerce sales in the third quarter including James Allen were $125 million, up 54.9 percent on a reported basis. James Allen sales were $52.5 million in the quarter, up 13.6 percent compared to the prior year quarter, and had a positive 50 basis points impact on total company same store sales.

E-commerce sales increased across all segments and accounted for 10.5 percent of third quarter sales, up from 7 percent of total sales in the prior year third quarter.

Guidance for the full year sees total sales of $6.26 billion to $6.31 billion, more or less unchanged from prior guidance, while same store sales are projected as being flat to up 1 percent against the prior guidance of down 1.5 percent to flat.

CEO Virginia Drosos commented, “In the third quarter, we delivered positive same store sales growth, with a return to positive same store sales in our Kay banner, further momentum at Piercing Pagoda and Zales, and double-digit increases in eCommerce sales." 

She added, ”As we enter the holiday season, amid a highly competitive market and with key selling weeks ahead, we are keenly focused on delivering on our holiday plans and implementing the beginning stages of our transformation initiatives in our stores and on our websites. While still early, we believe the initiatives underway will serve as a foundation for our future efforts as we move along our transformation journey."

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