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Signet reports UK same-store sales up 3.3% in Q3


Signet Jewelers has announced its Q3 fiscal 2016 financial results, with UK operations delivering a 3.3% increase in same-store sales.

The results for the 13 weeks to October 31 2015 revealed total group sales – covering the UK, US and Canada – of $1,216.4 million (£806.8m) up $38.5 million (25.5m) or 3.3% compared to its Q3 fiscal 2015 results.

The increase was primarily driven primarily by branded bridal sales across all store banners as well as higher sales overall in the Kay Jewelers brand.

Its UK sales figures totalled $149.4 million (£99.1m), of which H Samuel sales totalled $73.5 million (£48.7) and Ernest Jones sales $75.9 million (£50.3m).

Same store sales in the UK were up by 4.1% with increases of 2% and 6.3% at H Samuel and Ernest Jones respectively. The report states these sales were driven primarily by strong results in diamond jewellery and watches.

Elsewhere, Signet reports a decrease in UK jewellery division sales by 1.1% compared to the same period last year. This was “driven entirely by currency exchange” rates.

Signet total e-commerce sales hit $50.5 million (£33.5m) in Q3 compared to $44.8 million (20.7m) recorded in the same period last year. In percentage terms, its e-commerce sales climbed 12.7%.

Mark Light, Chief executive officer of Signet Jewelers, Mark Light, states: “Signet delivered another quarter of continued growth, highlighted by a same store sales increase of 3.3% and adjusted earnings per share growth of 57.1%. We are pleased to report strong sales growth in line with our third quarter guidance. We also delivered excellent earnings growth, although earnings were affected by a modest margin impact due to a sales mix shift from Jared to Kay.

“We are currently experiencing an encouraging start to November particularly at Jared and Zales. The implementation of store operations initiatives in the third quarter combined with significant investment in our recently launched innovative merchandising and marketing programs have positioned Signet for a strong fourth quarter.”


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