Signet reports 5% Christmas sales growth

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Signet Jewelers has announced its sales for the festive trading period, reporting a 5% sales growth.

The report that covers the eight weeks ended December 26 2015 revealed total sales of $1,947.8 million (£1,330.17 million), an increase of 5% compared to $1,854.4 million (£1,268.62 million) in the eight weeks ended December 27 2014.

The company also reported a growth in same-store sales of 4.9%, compared to an increase of 3.6% in 2014.

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In the UK total sales were driven by higher same-store sales as Ernest Jones reported same-store sales growth of 6.9% and total sales growth of 9%, while H Samuel’s same-store sales increased by 1.6% and total sales grew 1.8%.

The report states the same-store sales increases were driven primarily by branded bridal, diamond fashion jewellery and beads – most notably at Ernest Jones.

In addition, Ernest Jones’ e-commerce sales were $139.7 million, up 10.9% compared to the prior year.

Overall, Signet Jewellers UK division reported a 3.9% increase in same-store sales as total sales increased by 4.9%.

Elsewhere the company’s US-based Sterling Jewelers division and Zale division reported total sales growth of 7.2% and 4.9% respectively.

Mark Light, chief executive officer, comments: “Signet delivered excellent holiday sales as a result of the successful execution of our product, marketing, and omni-channel selling strategies, as well as our superior customer experience. These results were driven by broad-based success across strategic store brands, merchandise categories and selling channels. 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.”

Light concludes: “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.”

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