|Diamond jewelry retailer Signet Jewelers Limited (Signet) has announced its results for the 13 weeks (second quarter Fiscal 2018) ended July 29, 2017, reporting total sales of US$1.4 billion, up 1.9 percent compared with Q2 Fiscal 2017.
Same store sales reportedly increased 1.4 percent compared to the second quarter Fiscal 2017.
The company notes that sales increases were driven predominantly by fashion jewelry including bracelets, rings, and necklaces. In addition, branded bridal also contributed to the sales increases.
eCommerce sales in the second quarter were US$82.2 million, up 18.1 percent compared to Q2 Fiscal 2017.
Signet's newly-appointed CEO Virginia C. Drosos says, "Our encouraging second quarter performance reflects Signet's fundamental competitive strengths and the progress we are making on our strategic priorities. We delivered positive same store sales performance and managed our cost base to deliver operating margin expansion in a highly promotional environment. Further, today we announced the acquisition of JamesAllen.com to add a leading, fast-growing online jeweler to our portfolio."Continues Drosos: "The acquisition will enhance our innovation and digital capabilities with R2Net's technology to create a best-in-class OmniChannel shopping experience across our banners. Based on this positive momentum, we are increasingly confident that Signet is well-positioned for the upcoming holiday selling season and on track to achieve our financial targets for the year."