Signet’s holiday season sales up 5%

Signet Jewelers Limited announced its sales results for the eight weeks ending December 26, 2015, which was the period of the holiday season. This period clocked in sales worth $1,947.8 million, or an increase of 5 percent over the prior year. The same-store sales rose 4.9% compared to an increase of 3.6% in the prior year. Total sales at constant exchange rate increased 6.3% compared to prior year.

Sterling Jewelers division results were driven primarily by higher sales at Kay Jewelers and the success of key collections and categories. Jared delivered higher sales year-over-year. Zale division sales were driven by material increases at the flagship Zales stores and Piercing Pagoda kiosks. UK Jewelry division total sales were driven by higher same store sales largely offset by unfavorable foreign currency exchange rates. Same store sales increases were driven primarily by branded bridal, diamond fashion jewelry, and beads – most notably at Ernest Jones.

Mark Light, Chief Executive Officer, said, “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. These results were driven by broad-based success across strategic store brands, merchandise categories and selling channels.” He further attributed the performance to ‘store operations initiatives in the third quarter combined with investment in innovative merchandising and marketing programs which positioned Signet well for a strong fourth quarter and beyond’.

“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, “ he added.