Signet reports same-store sales growth of 4.2% in Q2

Jewellery retail conglomerate Signet Jewelers reported an increase in sales in its second quarter financial results, beating its expectations for the period.

In the 13 weeks ending August 1, Signet reported an increase in same-store sales of 4.2%, while total sales were up 15.1% to $1.4bn (£908m) compared with the same period last year.

The group’s UK division, which includes H Samuel and Ernest Jones, reported same-store sales of 5.1%. This was a slight decrease on its recent growth which the company put down to exchange rates.

It said that sales in the UK division were driven primarily by strong results in diamond jewellery and watches.

Mark Light , CEO of the group, said: “These results exceeded our same store sales and adjusted EPS guidance for the quarter. Results were driven by strong and consistent sales growth across all of our selling channels, as well as solid profitability and disciplined cost management across our organization.

“I want to congratulate and thank all Signet team members for their contributions to our quarterly results.”