Total sales rose 3% to $1.19 billion. On a constant currency basis, sales increased 3.3%. The increase in sales was positively impacted by same-store sales growth, new revenue recognition accounting standards, and the addition of James Allen.
Total same-store sales performance was 1.6% versus the prior year quarter, inclusive of a 75 bps unfavorable impact due to planned shifts in the timing of promotions at Zales and Peoples.
eCommerce sales including James Allen soared 54.9% on a reported basis. James Allen sales increased 13.6% and had a positive 50 bps impact on total company same-store sales. eCommerce sales increased across all segments and accounted for 10.5% of sales, up from 7.0% of total sales last year.
In March 2018, the company announced a three-year Signet Path to Brilliance transformation plan to reposition the company to be a share-gaining, OmniChannel jewelry category leader. The company still expects its transformation plan to deliver $200 million to $225 million of net cost savings over the next three fiscal years. In fiscal 2019, the company expects net costs savings of $85 million to $100 million, with further incremental net cost savings of $115 million to $125 million by the end of the three-year program.
For the full year 2019, the company raised its total sales outlook to the range of $6.26 billion to $6.31 billion from the previous range of $6.2 billion to $6.3 billion. Same-store sales estimates are lifted to the range of flat to up 1% from the prior range of down 1.5% to flat. Adjusted EPS guidance was narrowed to the range of $4.15 to $4.40 from the previous forecast of $4.05 to $4.40.
For the fourth quarter, the company expects total sales in the range of $2.17 billion to $2.22 billion and same-store sales in the range of down 1.5% to up 1%. GAAP earnings are anticipated to be $3.02 to $3.33 per share and adjusted earnings are predicted to be $4.35 to $4.59 per share.
Shares of Signet opened lower on Thursday and is trading down 21.73% in the early trade. The stock has fallen over 31% in the year so far and over 23% in the past year.