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Thursday, August 27, 2015
Signet Jewelers Q2 Sales Rise 15.1% With All National Store Brands Contributing
Signet Jewelers said Thursday second quarter sales in its US and UK stores increased 15.1 percent year-over-year to $1.41 billion. Same store sales increased 4.2 percent for the same period. The company’s eCommerce sales rose 30.5 percent to $65.9 million. Profit increased 7.2 percent to $62.2 million. The Bermuda-based company owns more than 3,600 retail locations, including Zale and Kay Jewelers brands in the U.S. as well as the Ernest Jones brand in the UK, said the sales increase “was driven by positive sales performance across all national store brands.” The company added that in the second quarter, an operational change related to the Sterling division’s extended service plans associated with ring sizing favorably impacted earnings. Second quarter sales by division are as follows: * Sterling Jewelers division (which includes Kay Jewelers and Jared) reported that total sales increased 5.9 to $858.5 million. Same store sales increased 3.3 percent. Signet said sales increases “were broad-based across store banners, product brands and non-brands, as well as multi-channels. Bridal and diamond jewelry was particularly strong.” The average transaction price increased by 4.2 percent while the number of transactions decreased by 2.5 percent, due primarily to merchandise mix. * Zale Division (a new Signet division that consists of former Zale Corp. brands, such as Zales, Piercing Pagoda stores in the US and Canada) saw its sales increase by 57.3 percent to 389.3 million. Same-store sales rose 5.8 percent for the period. * UK Jewelry division total sales declined by 2.3 percent to 159.1 million. The decreases were “driven entirely by foreign currency exchange rates,” Signet said. Same-store sales increased 5.1 percent. The average transaction price and number of transactions for the division increased by 4.3 percent and 1.8 percent, respectively, due to the merchandise mix. Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.
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I am a freelance writer and editor who covers the luxury jewelry and watch industry for several publications, including Forbes.com the Financial Times, Hong Kong-based JewelleryNetAsiaand the Italian jewelry magazine, VO+. In addition, I have my own blog covering the jewelry and watch industry, Jewelry News Network.