Revenue fell by 4% to $1.36 billion as softness in retail traffic and tough competitive environment hurt the sales trends. Same-store sales decreased by 1.5% owing to higher expenses and unproductive stores, while eCommerce sales increased by 4.4%.
Looking ahead into the third quarter, Signet expects total sales in the range of $1.14 billion to $1.16 billion and same-store sales in the range of down 2% to down 1%. Adjusted loss is anticipated to be in the range of $1.16 to $1.02 per share and GAAP net loss is predicted to be in the range of $1.48 to $1.21 per share.
For fiscal 2020, total sales are now estimated to be $6 billion to $6.03 billion. Same-store sales are still expected to be down 2.5% to 1.5%. The company lowered its full-year GAAP EPS guidance to the range of $0.87 to $1.33 from the prior range of $1.88 to $2.38 while lifting its adjusted EPS forecast to the range of $2.91 to $3.23 from the previous range of $2.88 to $3.17.
In fiscal 2020, the company expects net cost savings of $70 million to $80 million. The company expects its transformation plan to deliver $200 million to $225 million of net cost savings in fiscal years 2019-2021, inclusive of the $85 million achieved in fiscal 2019. In fiscal 2020, the company expects to close about 150 stores, with 66 closures in the fiscal year-to-date and limited new store openings for the full year.
The company expects it will have reduced its store base by about 13% over the three-year period from fiscal years 2018 to 2020, materially reducing its exposure to lower grade malls and simplifying the portfolio by exiting most of its regional banners. The company’s board declared a quarterly cash dividend of $0.37 per share for the third quarter, payable on November 29, 2019, to shareholders of record on November 1, 2019, with an ex-dividend date of October 31, 2019.
Signet announced that it expects to enter into new fully-committed 5-year $1.6 billion senior asset-based credit facilities to refinance all outstanding amounts under its existing senior credit facilities that mature in July 2021. This is in order to finance a tender offer for its outstanding senior notes due in 2024, to pay related fees and expenses, and for general corporate purposes.