Signet Jewelers Ltd, the world's largest retailer of diamond jewellery, said that total sales rose 3.3% to US$ 1.19 billion for the 13 weeks ended November 3, 2018 (Q3 FY’19), with a positive performance across its different banners and a strong surge in E-Commerce sales, which now account for 10% of overall turnover.

Releasing details of its Q3 performance, the Company said that same store sales were up 1.6% versus the prior-year quarter on a constant currency basis. The figure was unfavourably impacted by the “planned shifts in timing of promotions” at some stores as well as “a timing shift of service plan revenue”, even as “incremental clearance sales to make room for new product… (to) refocus …assortment” had a positive impact, the jeweller said.

The company also reported that the increase in total sales of US$ 34.8 million from the prior year quarter was positively impacted by 1) same store sales growth; 2) new revenue recognition accounting standards; and 3) the addition of James Allen (acquired in September 2017).  The latter accounted for US$ 52.5 million worth of sales in the quarter, up 13.6% compared to the prior year quarter. Total eCommerce sales at US$ 125.0 million were up a massive 54.9% on a reported basis, and constitute 10.5% of third quarter sales, up from 7.0% of total sales in the prior year third quarter.

While North America saw same store sales increase by 2.1%, which included increases at Piercing Pagoda by 16.2%, Zales by 2.8% and Kay by 0.7%. with Jared same store sales remaining flat, international sales decreased by 3.1% due to unfavourable traffic trends and a difficult consumer environment, it was reported.

Virginia C. Drosos, Chief Executive Officer, commented, “In the third quarter, we delivered positive same store sales growth, with a return to positive same store sales in our Kay banner, further momentum at Piercing Pagoda and Zales, and double-digit increases in eCommerce sales."

She added that during the “holiday season, amid a highly competitive market and with key selling weeks ahead, we are keenly focused on delivering on our holiday plans and implementing the beginning stages of our transformation initiatives in our stores and on our websites. While still early, we believe the initiatives underway will serve as a foundation for our future efforts as we move along our transformation journey."