Signet Jewelers reports ‘challenging’ fiscal year

The group remains optimistic for stronger results in 2019 and beyond

Signet Jewelers has posted its fourth quarter and fiscal 2018 results, which showed same store sales declined by 5.2% in the fourth quarter and declined overall by 5.3% for the full fiscal year.

The groups said it aims to implement its ‘Signet Path to Brilliance’ transformation strategy, in order to drive growth and long-term financial performance.

Virginia Drosos, Signet Jewelers CEO, said: “Fiscal 2018 was a challenging year for Signet.  We gained sales momentum in our Zales banner in the fourth quarter as our strategic initiatives began to take hold, but we experienced challenges at our Kay and Jared banners, including execution issues related to the first phase of our credit outsourcing transaction.”

She added: “Looking ahead, fiscal 2019 will be an important transition year as we implement our Signet Path to Brilliance transformation plan, and we expect to see improved operational and financial performance beginning in Fiscal 2020.”

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