Signet Sales +3.3% in Q3 2016

(IDEX Online News) – Signet has announced that total same stores sales increased by 3.3 percent in the third quarter. Total sales were $1.216 billion, an increase of $38.5 million compared to the $1.779 billion in the third quarter of Fiscal 2015.

In the Sterling division, total sales increased 5.9 percent to $733.5 million, which included a same-store sales increase of 3.5 percent. The company said the figures were driven by higher overall sales in the Kay Jewelers brand, but partially offset by a sales decline in Jared. The average transaction price in Sterling increased by 3 percent, including strong-performing bridal and diamond jewelry, although the number of transactions decreased by 0.7 percent.

The Zale division total sales were $220.5 million for the quarter, which included a same-store sales increase of 2.3 percent. The sales increases were driven by branded bridal collections and Piercing Pagoda.

The UK saw strong results in the bridal and watch segments. Total sales decreased 1.1 percent, including a 6-percent drop on a constant exchange basis, which the company said was driven entirely by unfavourable currency exchange rates.

Sales were $149.4 million with a comparable sales increase of 4.1 percent. The average transaction price increased 3.4 percent and the number of transactions also increased by 2.3 percent.

eCommerce sales in the third quarter were $50.5 million, a 12-percent increase from the $44.8 million in the same quarter a year previously.

"We are currently experiencing an encouraging start to November particularly at Jared and Zales, said CEO Mark Light.