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Signet Jewelers same store sales rise 2.1% in the third quarter

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Gina Drosos, CEO of Signet Jewelers.

Signet Jewelers’ same store sales rose by 2.1% to $1.19 billion in the third quarter, which ended on November 2.

The group says it expects to end its 2020 financial year with same store sales down 1.7%, delivering turnover of $6.05 billion.

“We delivered positive same store sales and improved profitability year over year and ahead of our guidance as we continued to drive our Path to Brilliance transformation,” said Virginia C. Drosos, chief executive officer.

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“As we approach the key selling weeks ahead, we are focused on successfully executing our customer inspired holiday plans featuring new on-trend merchandise, enhanced eCommerce capabilities, and more relevant and targeted marketing campaigns. Our financial guidance embeds the progress we have seen year to date balanced with our expectation for a competitive retail holiday environment,” she added.

North American same store sales grew 2.9% thanks in part to an increase of 0.5% on average transactions but mainly due to the number of transactions increasing 2.8%.

Kay was the best performer, with same store sales up 3.8%; Zales was up 2.8% but Jared dipped 2.9%.

Ecommerce sales grew 13%, and brick and mortar same store sales grew 1.6%.

Contribution from the sale of watches fell across the group, Signet said, without providing a figure.

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