Signet Fiscal 2012 Income Up 67.1%

(IDEX Online News) – Total annual sales by Signet Jewelers Ltd were up 9.1 percent in 2011, the jewelry retailer reported today (Thursday). The company had a good year overall, although its operations in the UK continued to weaken.

For the year, same-store sales were up 9 percent with income before income taxes increasing 67.1 percent to $502.1 million, in the fiscal year ended January 28, 2012.  

In the U.S. division, total sales were $3,034.1 million an increase of 11.1 percent and net operating income was $478.0 million, an increase of 39.5 percent over 2011.

In the UK, total sales increased to $715.1 million from $693.2 million and same store sales increased by 0.9 percent. Despite this, net operating income softened 1.6 percent to $56.1 million.

Because of the improved earnings, the Signet board declared an increased quarterly dividend of $0.12 per share, up 20 percent.

“The increased quarterly dividend of $0.12 per share demonstrates the confidence the board has in the strength of our business model and our ability to generate positive cash flow, while continuing to invest in, and support, our long term growth initiatives,” said CEO Mike Barnes.

Signet Jewelers Ltd is the largest specialty retail jeweler in the U.S. and the UK.