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Signet like-for-like sales up 3.6% in first quarter

Signet Jewelers, the US based owner of H Samuel and Ernest Jones, saw its like-for-like sales rise by 3.6% in its first quarter.

GENERAL MERCHANDISE

Signet like-for-like sales up 3.6% in first quarter

Signet Jewelers, the US based owner of H Samuel and Ernest Jones, saw its like-for-like sales rise by 3.6% in its first quarter.

The consolidated results reflect the addition of the Zale Corporation which Signet acquired in May 2014, as well as purchase accounting and transaction costs relating to the acquisition.

In the 13 weeks to 2 May, the US company saw like-for-like sales at its UK division increase by 6.2%.

Mark Light, chief executive of Signet, said, “We delivered a very strong first quarter of 3.6% same store sales and a 25.6% increase in adjusted EPS. Each of our divisions had impressive same store sales increases, led by our UK division with an increase of 6.2%, while our newest division, Zale, had a 5.6% increase. The Sterling division had a 2.3% same store increase - its 22nd consecutive quarterly comp increase.”

In the UK, the rise in same store sales was driven mainly by branded bridal as well as fashion diamond jewellery and fashion watches.

The company said it was continuing to see good progress in the integration of the Zale division, which has now begun to grow same store sales faster than Signet overall.

Light added: “We expect this trend to continue, and we remain well-positioned to meet our goal of $150 million to $175 million in cumulative 3-year operating profit synergies by the end of January 2018.”

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