Signet Jewelers announced net sales decreased 6.3% to $2.5 billion for the fourth quarter, coinciding with a single-digit decline in full-year sales for fiscal 2024, hindered by plunging same store sales.

For the three months ending February 3, the Bermuda-based company said same store sales were down 9.6% to last year.

By market, North America sales fell 6.1% to $2.4 billion, reflecting a decrease of 0.6% in total average transaction value, on a lower number of transactions. Same store sales fell 10%.

Overseas, international sales fell 7.5% to $141.7 million, reflecting a decrease of 10.4% in total average transaction value, hurt by the previously announced sale of prestige watch locations, on a lower number of transactions. Same store sales dipped just 1%.

GAAP operating income was $416.3 million or 16.7% of sales, compared to $369.5 million, or 13.9% of sales in the prior year fourth quarter.

For the fiscal 2024 year, total sales fell 8.6% to $7.2 billion.

“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,” said Signet chief executive officer Virginia Drosos.

“As we look to Fiscal 2025, we are expecting sequential same store sales improvement over the year as engagements gradually recover. We believe we’re positioned to win new customers through our marketing personalization, growing consumer inspired product newness, and aggressive expansion of our service business.”

Coinciding with the earnings update, Signet announced that H. Todd Stitzer would be completing his term as chair and member of Signet’s board of directors in June, effective immediately following Signet’s annual general meeting. 

The company also announced today that the board has appointed Helen McCluskey to succeed Stitzer as Signet’s non-executive Chair.

“Helen is steeped in the ins and outs of Signet’s business and has added great value to the Board since joining,” said Brian Tilzer, chair of Signet’s governance and technology committee. “We are pleased to welcome Helen as the new Chair and look forward to continuing to tap into her deep background in retail and understanding of the consumer and Signet.”