Signet Jewelers has reported a drop in same-store sales for the UK in its results for the third quarter of the year.
In its Q3 report for the 13 weeks ending November 3, 2018, Signet revealed its UK operation saw same store sales slide by 3.1%, with Ernest Jones and H Samuel posting a decrease of 2.8% and 3.5% respectively.
The report showed that higher sales in prestige watches were offset by lower sales in diamond jewellery and fashion watches.
In total, sales for H Samuel and Ernest Jones fell by 5.5% to $121.3m (£94.9m).
Signet says average transaction sales were flat in the UK compared to the same period last year, with the number of transactions decreasing by 2.7%.
The same store sales decline was impacted by “unfavourable” traffic trends and a difficult consumer environment.
As a whole, Signet’s business witnessed a slight lift in same-store sales, while revenue was up by 3$ to $1.19bn.
The jewellery giant attributes this global growth to strong same-store sales in the US, new revenue recognition accounting standards, and the addition of e-commerce company James Allen.
Signet chief executive officer, Virginia C. Drosos, shares: “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.
“As we enter 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.”
