Signet’s Second Quarter Results Are Better Than Expected

Signet released its financial results for the second quarter of fiscal year 2016, which ended Aug. 1, and the numbers exceeded estimates.

“Results were driven by strong and consistent sales growth across all of our selling channels, as well as solid profitability and disciplined cost management across our organization,” said CEO Mark Light in a statement. “The integration of Zale continues to go well, and we have begun to see the benefit of net synergies positively impact our operating results.” 

Some highlights:

• Total sales were $1.41 billion, up 15.1 percent year over year.

• E-commerce sales were $65.9 million, up 30 percent year over year.

• Same-store sales were up 4.2 percent year over year.

• Earnings per share were $0.78.

• Adjusted earnings per share were up 19.6 percent to $1.28.

• Sterling Jewelers’ average transaction price was up 4.2 percent.

• The U.K. jewelry division saw decreases driven by foreign currency exchange rates.