×
1 312
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Boots, Fosse Park- 7.5 Hours - Part Time, Permanent
Permanent · Leicester
MICHAEL KORS
Sales Supervisor, Multrees Walk
Permanent · EDINBURGH
VASHI
Talent Acquisition Partner
Permanent · LONDON
LEVI'S
Senior Trade Compliance Analyst
Permanent · Northampton
FOOT LOCKER
Geo Marketing Manager United Kingdom
Permanent · London
VANS
Account Coordinator - French Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
Tom Ford - Business Manager - Selfridges, Birmingham - 37.5 Hours - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Marketing Executive, Tom Ford Beauty, Kilian, Darphin And le Labo - Travel Retail Emea (Based London)
Permanent · London
ESTÉE LAUDER
Corporate Account Executive, Lagardere, Dfs, Inflight And Aquatic - Travel Retail Emea (Based London)
Permanent · London
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
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 © 2022 FashionNetwork.com All rights reserved.