Signet Reports Record Q1 Earnings
May 26, 16
(IDEX Online News) – Signet Jewelers Limited, the world’s largest retailer of diamond jewelry announced that its first quarter fiscal 2017 results showed that total sales increased by 3.2 percent.
Total sales in the quarter were $1.58 billion, up $48.3 million compared to the $1.53 billion in the 13 weeks ended May 2, 2015. Same store sales increased 2.4 percent compared to an increase of 3.6 percent in the first quarter of the 2016 fiscal year, particularly driven by select branded bridal and diamond fashion jewelry.
Ecommerce sales improved 5.1 percent to $80.1 million, up $3.2 million or 4.2 percent compared to $76.9 million in the first quarter of the 2016 fiscal year.
Sterling Jewelers, Zale Jewelry, Piercing Pagoda and UK Jewelry same store sales increased by 2-5.6 percent. Higher sales across the range were driven by a mixture of low-priced promotional items, gold chains, diamond jewelry and prestige watches.
“We gained profitable market share despite a challenging retail environment through strong sales of Ever Us and other fashion jewelry collections as well as select branded bridal,” said Signet CEO Mark Light.
Light added that it is two years since the absorption of Zale into Signet Jewelers and that the company expects operating expense savings as a result of sound investments and strategic management.