Signet Jewelers has announced its results for the second quarter of fiscal 2017 ended July 30, 2016. Total sales were down 2.6% to $1.4 billion. Same store sales were down 2.3%, Gem Konnect reports.
Chief executive Mark Light said, “We are disappointed by our Q2 results and market conditions have been challenging particularly in the energy-dependent regions. This has contributed to a downward revision in our annual guidance”. He did not give a figure for the lowered annual guidance.
Signet said that its Zale integration continues to progress well and was on track to deliver cumulative synergies of $158 million to $175 million by end of this fiscal year and $225 million to $250 million by end of next fiscal year.
Signet operates approximately 3,600 stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples and Piercing Pagoda.
