Signet Jewelers Limited reporting its preliminary results for the 13 weeks ended January 30, 2016 (fourth quarter Fiscal 2016) announced that same store sales for the period increased by 4.9% as compared to a growth of 4.2% recorded for the same period of the previous fiscal.  Its diluted earnings per share (EPS) grew over 20%; while adjusted EPS was higher by over 18% “and ahead of the guided range”, the Company stated.

“Signet delivered outstanding fourth quarter results exceeding the high end of our adjusted EPS guidance with year-over-year growth of 18.6%, driven by a solid 4.9% increase in same store sales," said Mark Light, Chief Executive Officer of Signet Jewelers. 

Remarking on its synergy guidance (“operating profit contribution”), Light said: “After having operated Zales for a full year we have identified a significant number of incremental synergy opportunities and are increasing our expectations for total synergies from US$ 150 mn - US$ 175 mn to US$ 225 mn - US$ 250 mn by the end of FY 2018 with a faster pace of synergy realisation than previously guided.”

Michele Santana, Signet Chief Financial Officer said that in Fiscal 2016, the Company “delivered US$ 60 million in synergies, significantly exceeding the guided range of US$ 30 million to US$ 35 million”. 

Signet’s Board has approved new share repurchase authorisation of US$ 750 million as well as an 18% increase in dividend.