Signet Jewelers post positive Q2 financial results
Signet Jewelers, which owns H Samuel and Ernest Jones in the UK, has reported a same store sales (SSS) increase of 1.4% in Q2.
Total sales were $1,399.6m (£109.2m), up $26.2m (£20.4m) or 1.9%, compared to a decrease of 2.6% in the 13 weeks ended July 30, 2016.
SSS increased 1.4% compared to a decrease of 2.3% in the second quarter of the financial year.
Sales increases were driven predominantly by fashion jewellery including bracelets, rings, and necklaces. In addition, branded bridal also contributed to the sales increases.
E-commerce sales in the second quarter were $82.2m (£64.1m), up $12.6m (£9.8m) or 18.1%, compared to $69.6m (£54.3m) in the second quarter. Both shopping centre and high street stores delivered sales growth.
Virginia C. Drosos, chief executive officer of Signet Jewelers, said: “Our encouraging second quarter performance reflects Signet’s fundamental competitive strengths and the progress we are making on our strategic priorities.
“We delivered positive same store sales performance and managed our cost base to deliver operating margin expansion in a highly promotional environment.”
She added: “I am stepping into the CEO role at an exciting time for Signet. Together with my leadership team, I am acutely focused on deepening our understanding of consumers, reinventing our OmniChannel shopping experience, and elevating our brand messaging and product assortment.”