Signet Jewelers Limited, the world’s largest retailer of diamond jewelry, has had a rough last quarter. According to a press release by the company, the Group’s sales fell 5% to $2.27 billion during the fourth quarter of fiscal 2017 ended January 28, while same store sales declined by 4.5% in the same period.
For the 2017 fiscal year ended January 28, same store sales were down 1.9%. Total sales declined 2.2% to $6.4 billion.
CEO Mark Light said that although “Signet had a challenging fourth quarter and fiscal year”, the Group still “delivered top-and-bottom lines for the fourth quarter within our revised expectations […] driven principally by performance from select categories and collections including diamond fashion jewelry, bracelets, and earrings”. Light commented that Signet is “adapting to a challenging retail environment and weak mall traffic” and is increasing its focus on “omni-channel experience to jewelry customers”, including the improvement of customers’ “online experience”.
