Signet Jewelers post FY sales of $7.8bn

H. Samuel owner Signet Jewelers has posted sales of $7.8bn (£6.4bn) an increase of 0.2% for the full year ended 28 January 2023.

However, same store sales declined 6.1% compared with FY21 and an 18.1% decrease compared with FY20.

The company’s total international sales were $470.1m ($383.9m), down $22.3m (£18.2m) or 4.5% compared with last year, and down $47.9m (£39.1m) or 9.2% compared with FY20.

Furthermore, same store sales were down 9.1% compared with FY21 but up 16.4% compared with FY20.

It also announced its results for Q4 posting total sales of $2.7bn (£2.2bn), down $145.1m (£118.5m) or 5.2%.

Signet put this decrease down to bad weather in the US in the peak selling period before Christmas, as well as labour strikes and the impact of the weakened British Pound in the UK.

Its international total sales were $153.2m (£153.2m), down $30.2m (£24.7m) or 16.5% compared with last year, and down $33.0m (£27m) or 17.7% to FY20.

Signet has also announced its guidance for this year. The company expects total sales for Q1 to be between $1.62bn (£1.32bn) and $1.65bn (£1.35bn) and total sales for the full year to be between $7.67bn (£6.26bn) and $7.84bn (£6.4bn).