Signet Fiscal Q3 Sales Jump 7.7%

Mike Barnes

(IDEX Online News) – There is some seasonal cheer at Signet Jewelers Ltd. going into the holiday season after news that sales for the fiscal third quarter ended November 2 increased 7.7 percent to $771.4 million from $716.2 million a year earlier.

Signet, which has retail chains in the United States and Britain, saw same-store sales increase by 3.2 percent in the United States.

In the US division, total sales were up by 9.8 percent to $632.1 million from $575.6 million last year, and same store sales increased by 4.2 percent.

Results were a little more subdued in the UK division during the 13 week period. Total sales were down 0.9 percent to $139.3 million from $140.6 million last year, while same-store sales also dropped 0.9 percent.

“We are pleased with our third quarter results, led by a Kay same store sales increase of 5.8 percent,” said CEO Mike Barnes. “We are excited about our recently announced acquisition of a diamond polishing factory in Gaborone, Botswana. This acquisition will enable us to secure additional, reliable and consistent supplies of diamonds for our customers.  It will also help us to achieve further efficiencies in the supply chain, while we continue to strengthen our relationships with our existing vendors,” he added.