Signet Jewelers, the world's largest specialty jewelry retailer, reported a drop in sales in the second quarter of 2017 fiscal year, which ended July 30, 2016, by 2.6%, to $ 1.4 billion.
The volume of same-store sales fell 2.3% . The decrease was mainly in countries producing energy, explained the company. Electronic sales rose 5.6% to $ 69.6 million, they accounted for 5.1% of total sales.
The company revised its financial forecasts for the next quarter and the 2017 fiscal year to account for this fall and current market trends.
Despite the disappointing overall results of the quarter, the head of the Signet Mark Layt said that on a number of fronts period was positive. Jewelry, bracelets and earrings sold well. Successful indicators were outlets and online sales. Integration with Zale (acquired in early 2014 for $ 1.4 billion) is progressing well, with good synergy - its score increased from $ 158 million to $ 175 million by the end of 2017 fiscal year, and $ 225 million to $ 250 million by the end of the next financial year.
Showing confidence in the future, the company for the II quarter repurchased from the market for about 4% of the shares. Foundation Leonard Green & Partners, one of the largest investors in retail, has agreed to acquire a package Signet shares, valued at $ 625 million.
Signet since the end of last year is a long term client of ALROSA.
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Tanzania held an auction for the sale of diamonds and tanzanite at the fair jewels in Arusha, the third largest city in the country.
Acting authorized representative of the Committee on Minerals Tanzania Samaj Ally (Ally Samaje) told Rough & Polished, that the auction will be presented three categories of products.
According to him, the government will auction the diamonds, tanzanite and other gemstones and gold confiscated from illegal traders. In addition, TanzaniteOne, a joint venture between Sky Associates and the government, will own auction tanzanite.
El-Hillal Minerals to be auctioned diamonds.
Although Samaj could not give exact data on the number of gems that will be presented at auction company, he noted that in the framework of the sale of the seized goods is scheduled to receive at least $ 1 million.
"However, the company expects to get much more than $ 1 million", - he added.
He also said that the auction confiscated from illegal traders of goods will be the largest in the history of Tanzania.
At the same time, Samaj says that the government has estimated the Party of precious stones and metals, and therefore they will be sold only in the case if the price would be close to the expected.
"If this does not happen, then the item will be removed from the auction until the next auction," - he continues.
Samaj also noted that the ban on the export of unprocessed tanzanite weighing more than 5 grams was temporarily removed for the duration of the fair, to allow foreign buyers to get what they want without any restrictions.
The ban was enacted in 2010 to provide much-needed tax revenue of Tanzania, as well as to facilitate the employment of the population.
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