Signet reported that its sales are up in the second quarter, the three-month period ending August 2.
Total sales are up 39 percent, to $1.23 billion, primarily driven by the company’s acquisition of Zale in May. Zale sales added $247.5 million of the $345.7 million increase.
“We are now even more excited about the acquisition of Zale, having begun the integration process,” CEO Mike Barnes said in a statement. “Our integration teams are successfully sharing best practices with implementation already benefiting both organizations and, importantly, moving us forward in a positive way. We believe three-year synergy opportunities will be $150 million to $175 million, up from our previous expectation of $100 million. I would like to thank all Signet associates throughout North America for their contributions to this acquisition integration.”
Same-store sales were up 4.8 percent.
The full report is available here.