Signet Jewelers reported a 6.3% decline in total sales to $2.5 billion during the Q4 that ended 3rd February 2024. Same store sales were down 9.6% to last year.
Signet Chief Executive Officer Virginia C. Drosos said, “Thank you to our Signet team for once again delivering on our expectations and successfully navigating a challenging quarter and year for the industry. We drove gross margin expansion of 160 basis points and sustained average transaction value this quarter by executing on our strategy of building brand equity, customer experience innovation, and accelerated sell through on product newness as offsets to heavy discounting by competitors.”
Total Q4 North America sales of $2.4 billion, were down 6.1%. Same store sales declined 10% compared to Q4 of FY23. International Q4 total sales of $141.7 million, were down 7.5% to Q4 of FY23. International same store sales declined 1% versus Q4 of FY23.
Drosos added, “As we look to Fiscal 2025, we are expecting sequential same store sales improvement over the year as engagements gradually recover. We believe we’re positioned to win new customers through our marketing personalization, growing consumer inspired product newness, and aggressive expansion of our service business.”
Joan Hilson, Chief Financial, Strategy & Services Officer, added, “For the fourth year in a row, our flexible operating model generated over $600 million in free cash flow in Fiscal 2024, excluding non-recurring legacy legal settlements, led by agile inventory management and cost discipline. Our Fiscal 2025 guidance reflects the beginning of the three-year engagement recovery, investments in our strategic initiatives, and continuing cost diligence to drive operating income, including $150 million to $180 million in cost savings this year.”
For Fiscal 2025, Signet forecast total sales of $6.66 billion to $7.02 billion, operating income of $590 to $675 million, and Adjusted EBITDA of $780 to $865 million.
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