Signet Jewelers Limited, the world's largest retailer of diamond jewelry, announced its results for the 52 weeks ("Fiscal 2020") ended February 1, 2020. Signet's total sales were $6.1 billion, down $110.0 million or 1.8% in the year ended February 1, 2020 on a reported basis and down 1.5% on a constant currency basis. Total same store sales grew 0.6% year-over-year.
eCommerce sales were $750.4 million, up 10.0% year over year. eCommerce sales accounted for 12.2% of sales, up from 10.9% of sales in the prior year and more than doubling from the prior three year period. Brick and mortar same store sales declined 0.7%.
Virginia C. Drosos, Chief Executive Officer, commented, “While it is difficult in the current environment to reflect on the past, it’s important to consider where we’ve been and look ahead with the expectation of recovery. Prior to this crisis, our Signet team delivered results ahead of expectations for the fourth quarter and Fiscal 2020. Moreover, we delivered our best overall holiday business performance in four years. As we entered Fiscal 2021, our momentum from holiday continued, including a strong Valentine’s Day selling period, validating that the strategic initiatives and investments we made in the first two years of our Path to Brilliance transformation are delivering results.
"What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings,” she added.
Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels
