Signet Jewelers has issued its results for the 4th quarter (14 weeks ended February 3, 2018) and Fiscal Year 2018, showing disappointing sales and consequently – a three-year comprehensive transformation plan to bring the jeweler back on track.
In Q4, Signet’s total sales were $2.3 billion, up by 1% year-on-year. The increase was driven by the extra 14th retail-calendar week of sales, worth $84.3 million, as well as the addition of R2Net, acquired in September 2017. R2Net contributed $64.4 million in sales in the quarter, offset by a year-over-year decline in base same store sales. Same store sales decreased 5.2% during the quarter. As for Fiscal 2018, Signet’s total sales were $6.3 billion, down 2.4% year-on-year. The total sales decline was driven by a decline in base same store sales.
Signet has also announced the “Signet Path to Brilliance” Transformation Plan, which aims at three things: eCommerce growth; OmniChannel capabilities; and innovation in product assortment and the store experience. As part of this plan, Signet anticipates to close more than 200 stores by the end of Fiscal 2019.
