×
3 585
Fashion Jobs
FRASERS GROUP
Information Security Governance Analyst
Permanent · SHIREBROOK
L'OREAL GROUP
l'Oreal Luxe Multibrand Retail Account Manager
Permanent · London
COTY
National Account Manager
Permanent · London
TK MAXX
Loss Prevention Officer-tk Maxx High Street Kensington-Full Time
Permanent · London
HARRODS
Uniformed Security Officer - Thatcham Distribution Centre
Permanent · THATCHAM
HARRODS
Senior CRM Retention Executive
Permanent · LONDON
JOHN LEWIS
Section Manager Stock And Inventory – Nights
Permanent · BLETCHLEY
SELFRIDGES
HR Administrator (Part-Time)
Permanent · ENDERBY
SELFRIDGES
Digital Personal Shopping Content Manager
Permanent · LONDON
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · POOLE
EVERLAST GYMS
General Assistant - Everlast Gyms
Permanent ·
ZARA
Zara High Wycombe - General Manager
Permanent · HIGH WYCOMBE
HEAD OFFICE
Senior Finance Analyst, Commercial Finance
Permanent · BRACKNELL
JOHN LEWIS
Section Manager Stock And Inventory – Nights
Permanent · BLETCHLEY
HOUSE OF FRASER
Loss Prevention Supervisor - House of Fraser
Permanent · READING
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · CAMBRIDGE
BERSHKA
New Position - Bershka Operations Manager - Stratford
Permanent · LONDON
AVON
Internal Audit Manager Natura &CO
Permanent · LONDON
COTY
Trade Marketing Manager
Permanent · London
JOHN LEWIS
Section Manager Customer Delivery Hub
Permanent · LONDON
FLANNELS
Beauty Brand Manager – Pat Mcgrath Labs
Permanent · ROTHERHAM
CLAUDIE PIERLOT UK
Stock Contoller - Permanent - Selfirdges London
Permanent · LONDON
Published
Jun 7, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Signet Jewelers cuts losses down to size in Q1

Published
Jun 7, 2019

Global jewelry retail group Signet Jewelers Limited – owner of the Kay Jewelers, Zales, H. Samuel and Piercing Pagoda brands, among others – announced a significant reduction in its net losses for the first quarter of 2020 on Thursday, despite declining sales, as it continues to implement its transformation plan.
 

Signet has been implementing cost-cutting measures and widespread store closures as part of its transformation plan - Instagram: @zalesjewelers


The company’s total sales for the quarter ended May 4, 2019 were $1.43 billion, down 3.3% (2.6% in constant currencies) from $1.48 billion in Q1 2019. Same-store sales fell 1.3% in the period.
 
The retailer’s e-commerce sales totaled $154.3 million, increasing 5.3% year over year and accounting for 10.8% of sales, up from 9.9% in the same period in the previous year. Brick-and-mortar same-store sales declined 2.0%.

By region, Signet’s North American same-store sales decreased 0.9%, as a 6.6% rise in e-commerce sales was offset by a 1.8% decline in brick-and-mortar same-store sales. International same-store sales decreased 5.2%.
 
All of the company’s retail banners saw same-store sales fall, except Piercing Pagoda, which posted a 13.5% increase.
 
Despite these setbacks, Signet’s quarterly net loss was $10.0 million (a loss of $0.35 per diluted share), a significant improvement when compared to the loss of $496.6 million ($8.48 per diluted share) reported in the prior-year period.
 
“We delivered operating profit above our guidance range and strong free cash flow in the first quarter, with same store sales at the low end of our guidance,” said Signet CEO Virginia C. Drosos in a release. “Given the sales trends we experienced year to date and softening retail traffic, we are narrowing our Fiscal 2020 guidance while continuing to expect strong progress on cost savings across our business. We remain focused on executing our Path to Brilliance transformation initiatives to improve the trajectory of our same store sales and drive higher profitability over the long-term.”
 
In fiscal 2020, Signet expects same-store sales to decrease between 2.5% and 1.5%, while total sales are predicted to be in the range of $6.0 billion to $6.06 billion. Diluted EPS is expected to be between $1.88 and $2.38.
 
Through its Path to Brilliance transformation plan, the company expects to make savings of between $70 million and $80 million over the course of the year. The retailer also intends to shutter a total of 150 stores in 2020, having already carried out 44 closures in Q1.
 
For the second quarter, Signet has forecast a decline of 3.5% to 2.5% in same-store sales, with total quarterly sales predicted to be between $1.35 billion and $1.37 billion.

Copyright © 2023 FashionNetwork.com All rights reserved.