Signet Jewelers Limited yesterday announced its results for the 13 weeks (fourth quarter Fiscal 202”) and 52 weeks (Fiscal 2020) ended February 1, 2020.

For the Fourth Quarter Fiscal 2020, Signet's total sales amounted to US$2.15 billion, down US$1.4 million or down 0.1%, on a reported basis and down 0.3% on a constant currency basis. Signet’s Same Store Sales (SSS) grew 2.3% with North America SSS up by 2.9%.

The Company reported that its eCommerce sales for the period stood at US$299.9 million, marking an increase of 15.1% year-over-year. Also, Signet’s eCommerce sales accounted for 13.9% of all sales, up from 12.1% of sales in the prior year quarter. Brick and mortar same store sales grew 0.5%.

The Company reported GAAP diluted earnings per share (EPS) of US$3.14 for the period, including the impact of restructuring charges and resolution of previously disclosed litigation; and non-GAAP diluted EPS of US$3.671.

For Fiscal 2020, Signet's total sales stood at US$6.1 billion; down US$110.0 million or 1.8% on a reported basis; and down 1.5% on a constant currency basis. Total same store sales grew 0.6% year-over-year.

For the year, eCommerce sales amounted to US$750.4 million; registering an increase of 10.0% y-o-y. Signet’s eCommerce sales accounted for 12.2% of all sales for Fiscal 2020, 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%.

The Company had an operating cash flow of US$555.7 million and free cash flow of US$419.4 million at the end of Fiscal 2020.

Virginia C. Drosos, Chief Executive Officer, commented, “On behalf of the Signet team, our thoughts and prayers are with all those who are impacted by the COVID-19 pandemic. We have heartfelt appreciation and admiration for all who are working tirelessly to fight the spread of this disease.”

Drosos continued, “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.”

Looking ahead Drosos said: "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, and accelerating optimization of our real estate footprint. In addition, we have accessed US$900 million from our revolving credit facility, suspended our common dividend, and elected to pay the May quarterly dividend on the preference shares in kind rather than in cash. In line with our Customer First and Omni-channel strategies, we are prioritising choiceful digital investments, including advancing our e-commerce experience and enabling a more flexible fulfillment model. We believe the exceptional team, capabilities, and agility we have built through our Path to Brilliance transformation position us well to navigate these unprecedented business times and emerge with greater competitive advantages.”

Signet’s Board of Directors has elected to temporarily suspend the dividend programme on the common shares and has elected to pay the May quarterly dividend on its preference shares in kind, Signet announced.

The Company reiterated that it is not providing Fiscal 2021 financial guidance at this time.