UK sales boost Signet Q1 results
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Jewellery retail giant Signet has reported a strong first quarter with sales up 3.6% on a like-for-like basis in the three months to May 2, 2015.
The group’s UK division, which includes Ernest Jones and H Samuel, saw sales rise 6.2% totalling £95.8m.
The results also reflect the addition of the Zale Corporation, which Signet acquired on May 29, 2014, as well as purchase accounting and transaction costs related to the acquisition.
CEO Mark Light said: “We delivered a very strong first quarter of 3.6% same store sales and a 25.6% increase in adjusted EPS [earnings per share]. 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.
“We continue to see favorable progress of our integration of the Zale division. As we implement new operating initiatives and deploy incremental capital resources, the Zale division has begun, as expected, to grow its same store sales faster than Signet overall.
“We expect this trend to continue, and we remain well positioned to meet our goal of $150m (£98m) to $175m (£114m) in cumulative three-year operating profit synergies by the end of January 2018.”
