EconomyRetailers

Signet achieves 81% online sales growth in Q1

Ecommerce sales in the first quarter increased to $146.5m (£111.7m), up 80.9%

Jewellery retail group Signet Jewelers, which owns H Samuel and Ernest Jones, has reported a 5.5% increase in total sales for the 13 weeks ending May 5, 2018.

The company’s total sales for the quarter reached $1.5bn (£1.1bn), up 4.3% on a constant currency basis, with the increase in sales partly impacted by the acquisition of jewellery brand James Allen.

Virginia Drosos, Signet Jewelers CEO, said: “In the first quarter, we saw signs of stabilisation in our overall sales and once again achieved double digit growth in ecommerce. Looking ahead, we expect second quarter revenues to be impacted by a tougher prior year same store sales comparison and calendar shifts.”

She added: “We are maintaining our full year 2019 guidance and are intensely focused on laying the foundation to support improved performance in the holiday season. While progress will continue to be gradual and incremental, we are confident Signet is on the right path to achieve long-term sustainable, profitable growth.”

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