Signet Jewelers Q3 Sales Down 7.3%

Signet Jewelers Ltd third quarter sales declined by 7.3 percent to $629.3 million and by 4.3 percent at constant exchange rates. Same store sales decreased by 6.6 percent during the period. Group net loss was $15.1 million.

Sales in the U.S., accounting for about 75 percent of group sales, decreased by 4.3 percent to $467.3 million. Same store sales were down by 7.9 percent, with the last seven weeks of the quarter down by about 11 percent, reflecting heightened consumer uncertainty, the company said Tuesday.

United Kingdom sales were down by 15 percent on a reported basis to $162 million and by 4.4 percent at constant exchange rates. Same store sales were down by 2.4 percent, with the last three weeks of the quarter down by some 8 percent.

Signet, the world's largest specialty retail jeweler, is still in the black for the year. In the 9 month period, group sales decreased by 2.6 percent on a reported basis to $2,220.7 million and by 1.6 percent at constant exchange rates. However, net operating income was $69.2 million.

Commenting on the results, group CEO Terry Burman said, “While our third quarter results are disappointing, they reflect the broader retail and consumer environment.”

“We are focused on maximizing gross margin dollars, managing costs and inventory tightly, as well as maintaining a strong balance sheet,” he added.