Signet Jewelers report 17.1% UK sales increase in second quarter

Signet Jewelers, the parent company of Ernest Jones and H.Samuel, has reported a total increase of 17.1% in UK sales in its second quarter financial results. 

Same-store sales increased by 4.4% in the same period, while total sales reached $162.9m (£98.2m) in the UK.

Online sales in the UK increased by 61% reaching $9.5m (£5.7m).

Total sales for Signet were $1,225.9m (£738.26), up 39.3% compared to $880.2m (£530m) in the 13 weeks ended August 3, 2013.

According to Signet this was largely driven by the addition of the Zale division which added $247.5m (£149m) of sales and an increase in sales of bridal brands, fashion diamonds and watches.

Globally the jewellery group reported an 11.2% increase in sales and a 6.3% rise in same-store sales.

Mike Barnes, CEO of Signet Jewelers said: “We delivered a very strong second quarter with increases of 6.3% in organic same store sales and 19% in organic EPS.

“Positive momentum at our UK division continued with our best quarterly same store sales increase in seven years, at 4.4%, and our best operating margin in five years.

“I would like to thank all signet associates globally for their contributions to these results.”