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Magazine > Market Survey > News Content

Signet reports flat annual sales, share increase

3/28/2010 7:42:04 PM

Hamilton, Bermuda--Worldwide same-store sales fell only slightly for Signet Jewelers Ltd. in fiscal 2010 as the chain exceeded expectations following a strong fourth quarter in the U.S. market, further boosting its steadily increasing competitive position among rivals.

Signet, which operates Kay Jewelers and Jared the Galleria of Jewelry, reported that same-store sales for fiscal year 2010, ended Jan. 30, 2010, dipped 0.4 percent while total sales fell 1.6 percent to $3.29 billion. Same-store sales for the fourth quarter fiscal 2010 rose 5.2 percent, including a 7.4 percent hike in U.S. same-store sales, while total sales were up 7.1 percent to $1.20 billion.

In the release, Signet Chief Executive Terry Burman indicated that other chains' struggles could help the company gain market share, though he stopped short of mentioning specific names. Signet's main U.S. rival, Zale Corp., is struggling with sliding sales and working to find funding to keep its business going, while other competitors, like Finlay Enterprises, went out of business over the course of the year.

According to Signet, its share of the U.S. jewelry market has increased from 5.2 percent to 9.4 percent over the past decade, and the company aims to capture more in the coming year.

"Significant store capacity left the U.S. specialty jewelry marketplace in calendar 2009, and we believe that many of the remaining firms are less able to compete due to financial pressures," Burman said. "Improving store productivity through expanding our competitive advantages in the basic retail disciplines of store operations, supply chain management, marketing and quality of real estate remain our primary focus on both sides of the Atlantic and supports our strategy to gain profitable market share and maintain a strong balance sheet."

He added that the company has had an "encouraging" start to fiscal 2011, with same-store sales in the first seven weeks up 7.8 percent in the United States and down 0.1 percent in the United Kingdom.

Signet's U.S. division, which accounts for about 78 percent of the company's sales, was "primarily influenced by the challenging economic conditions" during fiscal 2010, with same-store sales up 0.2 percent and total sales up 0.8 percent to $2.56 billion. Same-stores sales fell 3.5 percent in the first three quarters of the fiscal year, with spending especially weak among higher-end consumers as evidenced by Jared's sales, before increasing 7.4 percent in the fourth quarter. Total sales for the U.S. division in the fourth quarter were $920.8 million, up 6.8 percent over last year.

Differentiated merchandise continued to make a difference for Signet, the company said, with Open Hearts by Jane Seymour, the Leo Diamond and Le Vian all performing well.

According to the release, Signet plans to close a net of six mall-based Kay Jewelers, two Kay off-mall stores and 36 regional stores, and will open two Jared units over the next year.

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