Signet Jewelers has announced its Q4 fiscal 2016 preliminary results, citing strong same-store sales.
For the 13 weeks ended January 30 2016, same-store sales increased 4.9%, compared with the same period last year. Diluted earnings per shares (EPS) grew over 20%.
Elsewhere Signet’s credit program contributed to profitability during the period as credit metrics improved over the third quarter in line with expectations.
“Signet delivered outstanding fourth quarter results exceeding the high end of our adjusted EPS guidance with year-over-year growth of 18.6%, driven by a solid 4.9% increase in same store sales,” comments Signet Jewelers chief executive officer Mark Light. “Our business was strong in the fourth quarter as evidenced by our accelerating same store sales performance. At the same time our credit metrics improved from the third quarter in line with expectations and we remain confident in the strength of our credit portfolio.”
Light adds: “We are pleased with our first quarter to date operating results and continue to see strength in the business including credit. We look forward to updating our Q1 performance on our full earnings call March 24. After having operated Zales for a full year we have identified a significant number of incremental synergy opportunities and are increasing our expectations for total synergies.”