Signet Jewelers reports record first quarter earnings
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Signet Jewelers, the parent company of UK-based H Samuel and Ernest Jones, has reported record earning for the first quarter of the year.
For the 13 weeks ending April 30, 2016, the company reported diluted earnings per share grew 26.4%. Same-store sales for the retail conglomerate were up 2.4% with total sales up 3.2% to $1.6bn (£1.1bn).
The trading update reported same-store sales in the company’s UK division were up 3.4% to $144m (£98.2m), which the company said was driven by strong sales of diamond jewellery and prestige watches.
Despite this, the average transaction value in its UK division decreased 4.3% and the number of transaction fell 1%, with Signet citing a fall in sales of beads and fashion watches.
Mark Light, CEO, said: ““Signet delivered another period of solid performance resulting in record first quarter EPS and strong operating margin expansion. We gained profitable market share despite a challenging retail environment through strong sales of Ever Us and other fashion jewelry collections as well as select branded bridal.”
