Signet Q1 Sales up 6.2% to $810 Million

Signet’s total group sales increased by 6.2 percent to $810 million in its first quarter, the company reported on Thursday. At constant exchange rates, sales rose by 5.2 percent. Pre-tax income jumped 85.5 percent to $76.8 million. Group same store sales increased by 5.8 percent.

Sales at the group’s U.S. division were up by 6.8 percent to $667.1 million and same store sales were up by 7.2 percent. Operating income increased by 61.5 percent to $91.1 million.

Jared and Ernest Jones performed particularly well, according to group CEO Terry Burman.

In the UK division, total sales were up by 3.8 percent to $142.9 million but same store sales were down by 0.2 percent. The division posted an operating loss of $1.4 million.

Burman is very pleased with the results. “Our ability to create differentiated and sought after product, supported by superior customer service and memorable marketing campaigns, is an important driver of sales,” he said in a release.

“We continue to focus on enhancing our sustainable competitive advantages, improving our execution and maintaining a strong balance sheet and financial flexibility. We therefore believe we remain well positioned to gain profitable market share.”