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Signet Reports 3.1% Decline In Sales Over Holidays

Signet Jewelers Limited announced its sales for the 9 weeks ended December 30, 2017, reporting that same store sales (SSS) decreased 5.3 percent, while total sales decreased 3.1 percent. The jewellery retail group also reported double-digit eCommerce growth overall and SSS increase of 4 percent at its Zale brand.

Chief Executive Virginia C. Drosos said, “During the holiday season, we made positive progress on our strategic priorities, offset primarily by the negative impact of the credit outsourcing transition, as evident by the mixed performance across our banners and channels.”

She added, “Our overall eCommerce business grew double-digits, and our Zale division, where our strategic initiatives are beginning to take hold unencumbered by the credit transition, delivered same store sales growth with strength in both bridal and fashion. Conversely, progress in our Sterling division was overshadowed by the negative impact of the credit outsourcing transition in stores.”

She went on to note, “Our strategic initiatives to bring innovation to both our bridal and fashion assortments and lead key market trends, supported by targeted marketing and promotional strategies, helped drive sales in Zale. Additionally, our efforts to enhance our digital presence and OmniChannel capabilities drove strong customer engagement and marketing efficiencies. We are resolutely focused on addressing credit transition issues in our Sterling division to return to growth there as well.”

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