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‘Ever Us’ Sales Lift Signet’s 1Q Revenue

May 29, 2016 2:23 AM   By Rapaport News
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Signet Jewelers reported sales increased in the first fiscal quarter off the back of a stronger performance by select branded bridal and diamond fashion jewelry.

Revenue rose 3.2 percent to $1.58 billion in the three months that ended April 30, the retail jeweler said. Same-store sales climbed 2.4 percent. Total sales jumped 6.4 percent at Kay and 3 percent in the Zale division. Profit surged 24 percent to $146.8 million.

“We gained profitable market share despite a challenging retail environment through strong sales of ‘Ever Us’ and other fashion jewelry collections as well as select branded bridal,” said Mark Light, Signet’s chief executive officer.

Same-store sales in the second fiscal quarter are expected to increase 1 to 2 percent, Signet said. In the full fiscal year, the forecast is for a rise of 2 to 3.5 percent, the jeweler said. The company previously guided to a rise of 3 to 4.5 percent.
Tags: bridal jewelry, Ever Us, Fashion jewelry, Jewelry, Kay Jewelers, Key, Rapaport News, retail, Signet, Signet Jewelers, u.s., Zale
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