Signet Reports Q4 Sales Down Due to Lackluster: Coinciding with a single-digit reduction in full-year sales for fiscal 2024, caused by plunging same store sales, Signet Jewelers said net sales decreased 6.3% to $2.5 billion for the fourth quarter.

Similar store sales were down 9.6 percent from the same period last year, according to the Bermuda-based company’s report for the quarter ending February 3.

The North American market saw a 6.1% drop in sales to $2.4 billion, including a 0.6% drop in total average transaction value due to a decline in the number of transactions. Sales at same stores dropped by 10%.

International sales dropped 7.5% to $141.7 million, reflecting a decline of 10.4% in total average transaction value. This decline was caused by fewer transactions, which was exacerbated by the previously announced sale of prestige watch locations. There was a 1% decline in same-store sales.

Comparing the current quarter to the same period last year, GAAP operating income was $416.3 million, or 16.7% of sales, up from $369.5 million, or 13.9% of sales.

Total sales for the fiscal year 2024 were $7.2 billion, a decline of 8.6 percent.

Thank you to everyone on the Signet team for consistently meeting or exceeding our objectives and helping us through a difficult quarter and year in the industry. “We achieved a 160 basis point increase in gross margin and maintained average transaction value this quarter by implementing our strategy of building brand equity, improving the customer experience, and speeding up the sell-through of new products to counteract the heavy discounting by competitors,” stated Virginia Drosos, chief executive officer of Signet.

Looking ahead to Fiscal 2025, we anticipate a sequential increase in same-store sales performance throughout the year as engagements progressively improve. Our marketing customization, increasing consumer-inspired product newness, and aggressive expansion of our service company put us in a position to acquire new customers.

At the same time that the earnings report was being released, Signet also revealed that H. Todd Stitzer will be leaving his position as chair and member of the board of directors in June, shortly after the annual general meeting.

Additionally, today the firm announced that Helen McCluskey has been appointed by the board to succeed Stitzer as the non-executive Chair of Signet.

“Helen is deeply knowledgeable about Signet’s operations and has been an invaluable asset to the Board since her arrival,” remarked Brian Tilzer, who chairs the governance and technology committee at Signet. “We are pleased to welcome Helen as the new Chair and look forward to continuing to tap into her deep background in retail and understanding of the consumer and Signet.”