Backed by Strong U.S Sales, Signet Posts Record Results

(IDEX Online News) – Signet’s total sales increased to $887.3 million in the first quarter of the year, rising by 10.2% year over year. The improved results come as U.S. consumers renewed their diamond jewelry purchasing.

Net income for the quarter increased by 49.9% to $75.4 million.

Sales by Signet’s U.S. division were up by 11.4% to $738 million and same store sales were up by 12.5%. In the UK, sales were up by 4.5% to $149.3 million and same store sales increased by 0.2%.

The UK operations suffered an operating loss of $0.2 million, shrinking from the $1.4 million loss posted a year ago. This compared to a net operating income of $126.2 million in the U.S., increased by 42.8%.

“We are very pleased with our strong start to the year, leading to record results for the first quarter,” said CEO Mike Barnes.

“The strong sales momentum has continued into the start of the second quarter, and our focus remains on enhancing our sustainable competitive advantages,” Barnes added.