Signet Q3 Sales +10.7% Thanks to Strong US Performance

(IDEX Online News) – Signet is continuing to increase sales revenue and profit, thanks to continued growth in the U.S. market. Third quarter sales increased 10.7 percent to $710.5 million.

For the third quarter ended October 29, the company reported net operating income of $42.5 million, rising 129.7 percent year-over-year. Pre-tax income increased to $42.1 million, soaring 250.8 percent from the previous third fiscal quarter.

Same store sales increased by 10.6 percent, the jewelry retailer reported.

In the U.S., sales were up by 13.3 percent to $563 million and same store sales increased by 13.9 percent.

In the UK, sales were up by 1.9 percent to $147.5 million and down by 1.2 percent at constant exchange rates. Same store sales were down by 0.5 percent.

The UK division posted a net operating loss of $5 million, growing from a $1.6 million loss posted in the third quarter of last year.

This stands in contrast to a $30.7 million increase in net operating income in the U.S., totaling $56.4 million.

In the first three quarters of the fiscal year, total group sales rose by 10.5 percent to $2,395.4 million. Same store sales increased by 10.2 percent in the period. 

Net operating income increased by 62.7 percent to $263.5 million, while income before income taxes increased by 84.4 percent to $259.7 million.

According to CEO Mike Barnes, "Our sustained positive performance is due to the excellent execution of our strategies by our team, and I would like to thank everyone at Signet who contributed to these results."