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Zales jewelers locations12/7/2023 In fashion jewelry, the company noted it continues to see flagging sales at lower price points, as it has for the past year. Signet’s data shows engagements typically occur within three years of a couple dating, so recovery is expected to begin later in fiscal 2024 and a rebound in fiscal 2025.ĭespite the macroenvironment, Signet said it is still growing market share in the bridal category. “In line with our predictions, there were fewer engagements in the quarter resulting from COVID’s disruption of dating three years ago,” said Drosos. The company also will leverage artificial intelligence, improve its vertical integration, and adjust its flexible employee hours, said Hilson.īridal sales struggle while fashion jewelry remains resilient. Same-store sales were down 9 percent in the quarter.Ĭhief Financial, Strategy and Services Officer Joan Hilson said the company is increasing its cost savings target to $225 million to $250 million, more than double its initial goal of $100 million.Īs part of these efforts, the retailer, which operates more than 2,700 stores, announced during the call plans to close 150 stores over the next 12 months, focusing on those that have not met productivity goals. International sales totaled $93 million, down 16 percent year-over-year (9 percent on a constant currency basis). Signet’s international banners include Ernest Jones and H. ![]() Signet’s first-quarter sales in the region totaled $1.56 billion, down 8 percent year-over-year. In North America, Signet’s banners include Zales and Kay Jewelers as well as Peoples in Canada. On an earnings call Thursday morning, Drosos noted that, “lower tax refunds, economic concerns triggered by regional bank failures, and continued inflation led to a weakening trend in spending across the jewelry industry.” Drosos said in a company press release.įrom bridal sales to store closures, here are five things to know about its recent earnings report, released Thursday morning.įirst-quarter sales sank as consumers faced increased pressures.įor the quarter ending April 29, Signet’s sales totaled $1.7 billion, down 9 percent year-over-year. “Our Signet team delivered our revenue and bottom-line commitments in Q1 despite macroeconomic headwinds that worsened late in the quarter,” Signet Jewelers CEO Virginia C. The jewelry giant, which is the parent company of several large jewelry store chains including Zales, Jared, and Kay Jewelers, also noted lower-than-expected Mother’s Day sales. ![]() reported declining sales in the first quarter, lowering its guidance for the fiscal year ahead amid “increasing macroeconomic pressures.”
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