Signet Jewelers to close over 150 stores amid falling Q4 sales. Credit: Mike Mozart

Diamond jewellery retailer Signet Jewelers has announced it plans to close more than 150 stores, in the fiscal year 2020 (FY2020), as part of its turnaround strategy amid falling fourth quarter (Q4) sales.

The retailer, which operates jewellery brands such as Kay, Zales and Jared, reported weak holiday season sales, which required it to cut its profit outlook. It reported a 2% decline in same-store sales for the Q4 2019 ending 2 February, as well as a 0.1% drop in same-store sales for the full fiscal year 2019 (FY2019).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all
“We did not finish the year as strongly as expected due to a highly competitive promotional environment, continued consumer weakness in the UK and lower than expected customer demand.”

Signet Jewelers closed 262 stores during the FY2019, of which 232 were in North America. The retailer operates over 3,500 outlets and has launched a plan to close 13% or around 455 outlets during a three-year period.

Signet Jewelers CEO Virginia C. Drosos said: “We made progress on our Path to Brilliance initiatives, achieving double-digit eCommerce growth, delivering $85m of net cost savings, and continuing to optimise our store footprint.

“However, we did not finish the year as strongly as expected due to a highly competitive promotional environment, continued consumer weakness in the UK and lower than expected customer demand for legacy merchandise collections that impacted our holiday fourth quarter results.”

As per the FY2020 guidance, the company expects same-store sales to be down 2.5% to flat and total sales to be in the range of $6bn to $6.1bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Signet Jewelers said it is currently focusing on its products, marketing and online business. It also plans to open 20 to 25 stores during FY2020.