Signet suffered a 6.3 per cent fall in net sales for Q4 and a 9.6 per cent drop in same store sales.
The world’s largest retailer of diamond jewelry, with 2,700 outlets, said it had been a challenging quarter with fewer engagements and increased competition from heavily-discounted lab growns.
Total sales for the three months ending 3 February were $2.5bn, down $168.6m, the company said yesterday (20 March) in its fourth quarter results.
Virginia C. Drosos, Signet’s CEO, acknowledged difficulties during the quarter but said results were in line with expectations, but saw room for optimism.
“As we look to Fiscal 2025, we are expecting sequential same store sales improvement over the year as engagements gradually recover,” she said.
“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.”
The company, which includes the Kay, Zales, Jared and Blue Nile brands, forecasts reduced sales of $6.66bn to $7.02bn for Fiscal 2025.
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