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"We have not finished the year as expected due to a very competitive promotional environment, continued weakness in UK consumption and weaker than expected customer demand for the derivative collections that affected our fourth quarter results, "said Executive Director Virginia C. Drosos said in a statement.
For the fourth quarter of fiscal 2019, ended February 2, same-store sales decreased 2%. For the year, they dropped by 0.1%. Signet said on Wednesday that he expects same-store sales to be in a 2.5% downward range over the 2020 fiscal year, and would remain stable . It forecasts total sales of $ 6 billion.
Year-to-date, Signet's shares are down 12.5%.
As part of its planned turnaround, Signet said it was focusing more on products, marketing, and online business.
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