Inventory of Kay and Zales & # 039; Parent rises over 35% on vacation sales

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<pre><pre>Inventory of Kay and Zales & # 039; Parent rises over 35% on vacation sales

The owner of Kay, Zales, and other popular mid-sized jewelry stores saw online transactions grow by 1.6% and 13.5% in the three months to January 4, Signet said in a statement.

signet (SIG)The company, whose brands are ubiquitous in malls, also expects sales in the same store to grow 0.1% in fiscal 2020, and has dropped previous forecasts that predicted a drop from 1% to 1.7% , Total revenue is expected to be $ 6.1 billion, from previous forecasts of $ 6.01 billion to $ 6.05 billion.

Thursday's results are a significant change from the company's sales performance for the 2018 holiday season, when sales in the same store decreased 2% and e-commerce 5.4% year over year.

Despite the better-than-expected news, total revenue decreased 1% from the fourth quarter of 2018, the company said. North America was down 0.5% while the international segment was down 4.4%.

The company closed 262 stores in the 2019 financial year, as evidenced by previous earnings releases. Signet announced on Thursday that it would close 165 stores and open 38 by the end of 2020. The company operates around 3,000 stores worldwide.

Signet faced similar problems to other retailers, which saw sluggish sales, although consumer spending and confidence remain strong. Target's stock fell on Wednesday after the company reported weak Christmas sales, and JCPenney (JCP). Kohls (KSS) and Macy & # 39; s (M) grappled with the same subject.