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Signet’s Same-Store Sales +5% in 4Q
Feb 29, 2016 10:16 AM
By Rapaport News
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RAPAPORT... Signet Jewelers' same-store sales increased 4.9 percent in the
fourth quarter that ended January 30, according to preliminary results released
February 29.
The improvement is within
the diamond jewelry retailer’s guidance of 4.6 to 5 percent same-stores sales
growth and comes alongside an increased in adjusted earnings per share of 19 percent
to $3.63, the company said in a statement.
Having now operated Zales,
acquired
in 2014, for a full fiscal year, Signet’s management has identified a “significant
number of incremental synergy opportunities." The company increased its expectations for
total savings as a result of the acquisition to $225 million to $250 million by the end of fiscal year 2018 from
an earlier estimate of $150 million to $175 million.
The company enjoyed a
“faster pace of synergy realization than previously guided,” Mark Light, Signet’s
chief executive officer, added in the statement.
The results come on the
back of similar
sales-growth rates announced by Signet for the holiday season comprising
the eight weeks to December 26.
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Tags:
Rapaport News, retail, retail sales, Signet, Signet Jewelers, U.S. retail, Zale, zales
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