Signet Opening 45 U.S. Stores

Signet Jewelers will open 45 stores in the U.S. over the next fiscal year, CEO Michael Barnes said in the conference call following the announcement of the company’s financial results.

That number is substantially greater than the 25 stores Signet opened in fiscal 2012, he added.

Barnes later said that 11 of those stores will be operated by Jared The Galleria of Jewelry, and 34 will be Kay Jewelers, though many of those will be in off-mall locations.

In addition, the company has committed to 110 “major store refurbishments”—90 in the U.S. market, and 20 in the United Kingdom.

Signet will also increase its advertising budget over the next year, though Barnes declined to be more specific. He said that while TV remains the company’s preferred advertising vehicle, social media and radio remain important.