Signet Delivers ‘Excellent’ Holiday Results, +5% Over 2014
January 07, 16
(IDEX Online News) – Signet Jewelers Limited announced that its total sales for the 2015 holiday season were up a respectable 5 percent over Holiday 2014, $1,947.8 million. This marks an increase of $93.4 million over 2014.
Total sales at constant exchange rate increased 6.3 percent compared to 2014, while same-store sales increased 4.9 percent compared. The company said this was driven primarily by mall-based and outlet concepts in the US as well as by Ernest Jones stores in the UK.
Signet’s ecommerce sales are also on the rise, increasing 10.9 percent, or $13.7 million, to hit $139.7 million.
The company saw strong higher sales at Kay Jewelers and the success of key collections and categories, such as recently introduced Ever Us two-stone rings as well as diamond earrings and bracelets. Jared delivered higher sales year-over-year driven by the combined impact of new consumer-research-driven initiatives around store operations, marketing, and merchandising.
Zale division sales were driven by increases at the flagship Zales stores as well as Piercing Pagoda kiosks. Ever Us also performed well at Zales, as did gold jewelry sales in the kiosk channel.
In the UK, total sales were driven by higher same store sales largely offset by unfavorable foreign currency exchange rates. Same-store sales increases were driven primarily by branded bridal, diamond fashion jewelry and beads – most notably at Ernest Jones.
“The implementation of store operations initiatives in the third quarter combined with investment in our recently launched innovative merchandising and marketing programs positioned Signet well for a strong fourth quarter and beyond,” said CEO Mark Light.
“The continuation of strong sales and profitability combined with operating expenses that were in-line with expectations, including as-anticipated credit-related expense trends, enabled us to narrow our fourth quarter earnings guidance as well as our same store sales guidance to the top end of the previously provided guidance,” he added.