Signet Buoyed with Good Holiday Sales: Total Revenue Up 5%, Same Store Sales Up 4.9%

Jan 08, 2016

Signet Jewelers Limited yesterday announced its sales for the eight weeks ended December 26, 2015 (Holiday Season) and guidance for the 13 weeks (fourth quarter) ending January 30, 2016. 

“Total sales were $1,947.8 million, up $93.4 million or 5.0%, compared to $1,854.4 million in the eight weeks ended December 27, 2014 (prior year),” Signet declared. “Total sales at constant exchange rate increased 6.3% compared to prior year. Same store sales increased 4.9% compared to an increase of 3.6% in the prior year driven primarily by mall-based and outlet concepts in the U.S. as well as Ernest Jones stores in the U.K.”

Signet’s e-commerce revenue for the Holiday Season was US$ 139.7 million, up by US$ 13.7 million or 10.9% compared to sales of US$ 126.0 million in the prior year. 

“Signet delivered excellent holiday sales as a result of the successful execution of our product, marketing, and omni-channel selling strategies, as well as our superior customer experience,” commented Mark Light, Chief Executive Officer of the Company. “These results were driven by broad-based success across strategic store brands, merchandise categories and selling channels.”

He added: “The continuation of strong sales and profitability combined with operating expenses that were in-line with expectations, including as-anticipated credit-related expense trends, enabled us to narrow our fourth quarter earnings guidance as well as our same store sales guidance to the top end of the previously provided guidance. “

Breaking down the performance, Signet said that Sterling Jewelers division results were driven primarily by higher sales at Kay Jewelers and the success of key collections and categories such as recently introduced Ever Us two-stone rings as well as diamond earrings and bracelets; while Jared delivered higher sales year-over-year driven by the combined impact of new consumer-research-driven initiatives around store operations, marketing, and merchandising.

The Company indicated that Zale division sales were driven by material increases at the flagship Zales stores as well as Piercing Pagoda kiosks. Ever Us and select other fashion and bridal brands were important drivers at Zales; as well as gold jewellery sales in the kiosk channel.

“Signet’s board declared a quarterly cash dividend of $0.22 per share for the fourth quarter of Fiscal 2016, payable on February 26, 2016 to shareholders of record on January 29, 2016, with an ex-dividend date of January 28, 2016,” Signet stated. “This reflects the Board’s confidence in the strength of the business, Signet’s ability to invest in growth initiatives, and the Board’s commitment to building long-term shareholder value.”

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