Signet Jewelers sales up 3.3% in Q3
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Jewellery retail giant Signet Jewelers has reported a 3.3% increase in same-store sales in its third quarter financial results.
The group – parent company of H Samuel and Ernest Jones – reported that total sales were also up 3.3% for the 13 weeks ending 31 October, 2015, to $1.216bn (£805m) – up $38.5m (£25.5m) from the $1.177bn (£780m) reported in the same quarter last year.
Growth was driven by branded bridal sales across all of its stores as well as higher sales overall from its US-based Kay Jewelers brand.
Meanwhile in the UK, same-store sales were up 4.1%, with increases of 2% and 6.3% at H Samuel and Ernest Jones respectively. The results were driven by strong results in diamond jewellery and watch sales.
Despite this, total sales in the UK fell by 1.1% compared with the same quarter last year, which Signet said was primarily due to foreign currency exchange rates.
Mark Light, CEO, said: “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.”
