Signet Jewelers Limited, reporting on its sales for the nine weeks ended January 4, 2020, which it considers to be the Holiday Season, said that same store sales (SSS) grew by 1.6%, with North America SSS increasing by 2.0%. eCommerce sales which reached US$$252.3 million, marked a rise of 13.5%. However, Signet’s brick and mortar SSS were down 0.2%.

“Payment plan participation rate, including both credit and leasing sales, decreased year over year,” remarked Signet.

In North America, while transactions grew in the holiday season, average transaction value was flat. eCommerce sales in the region were up 13.3%; while brick and mortar sales grew 0.4% on a SSS basis.

“Bridal and Fashion category sales grew on a same store sales basis reflecting strengthened product newness,” the Company commented. “The Other category, predominately beads, and Watches declined.”

Signet’s international SSS decreased 3.1%; eCommerce sales grew 15.8%; and brick and mortar sales declined 6.0% on a SSS basis. “Sales declined across categories and continued to reflect a difficult operating environment in the UK,” Signet noted.

The Company indicated in its guidance for Fiscal 2020, that it would be closing around 165 stores in Fiscal 2020; and would be opening 38 stores. “This results in a higher net store reduction of 127 stores versus prior guidance of 115 net store reduction,” Signet revealed. “Net selling square footage is now expected to decline approximately 2.7%.”

Meanwhile, Signet's Board of Directors declared a quarterly cash dividend of $0.37 per share for the fourth quarter of Fiscal 2020, payable on February 28, 2020 to shareholders of record on January 31, 2020, with an ex-dividend date of January 30, 2020.

 Virginia C. Drosos, Signet’s Chief Executive Officer, commented, “We delivered holiday same store sales growth ahead of our guidance as we continued to implement year two of our Path to Brilliance transformation. Product newness, investments in our digital capabilities, and more targeted marketing campaigns drove both eCommerce and brick and mortar growth in North America.”