Signet Jewelers narrows loss in Q3

New York City Signet Jewelers, the parent of Kay Jewelers, said Tuesday it posted a smaller third-quarter loss as the jeweler cut costs and gained market share.

For the period ended Oct. 31, the company posted a loss of $7 million, compared to a loss of $15.1 million a year ago.

Revenue declined to $613.7 million from $629.3 million, as same-store sales declined 1.9%.

In the United States, which makes up 80% of total sales, revenue declined 1.7% to $459.3 million. Same-store sales decreased 2.4%.

"Results for the quarter were significantly better than last year reflecting expansion of profitable market share, as well as the continued tight control of costs and gross merchandise margin," CEO Terry Burman said in a statement.

Signet added it expects to reduce net debt $300 million to $350 million this year, above its prior target of $175 million to $225 million.

Signet operates 1,948 specialty retail jewelry stores, which includes 1,394 stores in the United States under the Kay Jewelers and Jared The Galleria of Jewelry banners as well as a number of regional names. Signet operates 554 stores in the United Kingdom, where it trades as H.Samuel, Ernest Jones and Leslie Davis.