Signet Jewelers Reports 6.3% Decline in Q4

Signet Jewelers reported a 6.3% decline in total sales to $2.5 billion during the quarter that ended February 3, 2024. Same-store sales were down 9.6%, compared to the previous year.

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Signet Chief Executive Officer Virginia C. Drosos said, “Thank you to our Signet team for once again delivering on our expectations and successfully navigating a challenging quarter and year for the industry. We drove gross margin expansion of 160 basis points and sustained average transaction value this quarter by executing on our strategy of building brand equity, customer experience innovation, and accelerated sell through on product newness as offsets to heavy discounting by competitors.”