Signet Q2 Sales up 7.1% to $853.9 Million

(IDEX Online News) – Signet Jewelers Ltd today (Thursday) announced a 7.1 percent increase in total group sales for the second quarter of the year. Total sales reached $853.9 million compared to $797.6 million in 2012.

Same store sales also increased by 7.1 percent.

Group operating income increased 8.4 percent to $110.9 million, compared to $102.3 million in the prior year period. Income before income taxes rose to $110.2 million, up from $99.8 million in fiscal 2012. 

For the 13-week period, total U.S. sales were up 9.2 percent from $643 million to $701.9 million. Same store sales increased 8.2 percent.

Operating income in the U.S. increased 12.4 percent to $117.3 million versus $104.4 million in fiscal 2012.

In the UK division, during the 13-week period, total sales were down by 1.7 percent to $152 million (Q2 fiscal 2012: $154.6 million), and same store sales increased by 2.1 percent.

“We delivered strong second quarter results driven by a 12.5 percent increase in same store sales at Kay and positive same store sales in the UK. This combined with expansion in operating margin drove a double digit increase in earnings per share,” said CEO Mike Barnes.

“As we begin the second half of the year, we remain focused on delivering an exceptional customer experience with exciting merchandise programs, new enhanced marketing programs, and further development of our digital sales capabilities; as always, driven by our talented team. We believe these strengths leave us well positioned to deliver our objectives for the year.”