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Signet Jewelers’ sales rise 44.9% in Q1’16
Same-store sales up 3.6%
By: Diamond World News Service
May 29 2015 6:22PM
Reference: 11529  

Signet Jewelers Limited announced its financial results for its first quarter of fiscal 2016, or 13 weeks ending May 2, 2015. Consolidated results reflect the addition of Zale Corporation, acquired on May 29, 2014, as well as purchase accounting and transaction costs related to that acquisition.

There was a 44.9 percent increase in total sales which valued $1.531 billion, from the same quarter last year. Same store sales rose 3.6 percent.

Mark Light , Chief Executive Officer of Signet, said, “We delivered a very strong first quarter of 3.6 percent same store sales and a 25.6 percent increase in adjusted EPS. Each of our divisions had impressive same store sales increases, led by our UK division with an increase of 6.2 percent, while our newest division, Zale, had a 5.6 percent increase. The Sterling division had a 2.3 percent same store increase -- its 22nd consecutive quarterly comp increase. These results afforded us the opportunity to repurchase $21.9 million of Signet stock in the first quarter, in-line with our capital allocation plan.”

He further added, “We continue to see favorable progress of our integration of the Zale division. As we implement new operating initiatives and deploy incremental capital resources, the Zale division has begun, as expected, to grow its same store sales faster than Signet overall. We expect this trend to continue, and we remain well-positioned to meet our goal of $150 million to $175 million in cumulative 3-year operating profit synergies by the end of January 2018.

The company’s e-commerce sales rose 98.7 percent (on y-o-y basis) to value $76.9 million.

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