Signet Jewelers Closes Fiscal Year with $3.44 Billion in Sales

(IDEX Online News) - Signet’s annual sales were up by 5.6% at constant exchange rates and same store sales increased by 6.7%, the company reported today (Wednesday). The jewelry retailer posted a $200.4 million profit, up 27.6% compared to the previous fiscal year.

Signet’s U.S. Division, representing 79.8% of total sales, generated revenues of $2.74 billion (+8%), as same store sales increased by 8.9%.

In the UK, same store sales declined 1.4% and sales declined 3% to $693.2 million.

Signet’s gross margin was $1.24 billion, an increase of 16.6%. The gross margin rate increased by 360 basis points to 36.2%.

CEO Mike Barnes said fiscal 2011 was an “outstanding” year for Signet. “We believe that Signet is well positioned to gain profitable market share and improve operating margins as a result of our competitive strengths in the bridal category, the further development of brands that differentiate us from our competitors, our long term focus on best in class customer service, and traffic generating marketing campaigns that leverage our leading share of voice,” he added.