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Signet comps up 4 percent in Q2
Boosted by the continued integration of Zale and a strong performance from bridal jewelry, Signet reported an increase in both same-store sales and total sales in the second quarter on Thursday.
Hamilton, Bermuda--Signet Jewelers Ltd. reported Thursday that its second quarter comps were up 4 percent year-over-year, as all selling channels saw strong and consistent sales growth.
Total sales in the quarter ended Aug. 1 surged ahead 15 percent to $1.41 billion as the company’s continued integration of Zale further boosted its performance.
Signet CEO Mark Light said in the earnings call that diamond jewelry was particularly strong for the company during the period, noting that the bridal category grew faster than Signet’s overall rate of growth.
He specifically mentioned bridal brands Neil Lane, Vera Wang Love, and Tolkowsky as “standouts,” as well as its non-branded bridal portfolio. Light also noted the continued momentum of its Diamonds in Rhythm, Unstoppable Love and solitaire diamond earrings programs.
For the company’s Sterling division, which includes Kay Jewelers and Jared the Galleria of Jewelry, same-store sales were up 3 percent and total sales were up nearly 6 percent over the year-earlier period to $858.5 million.
Individually, Kay and Jared posted same-stores sales growth of 4 percent and 3 percent, respectively.
Signet attributed this performance to “broad-based” increases across store banners, product brands and non-brands, as well as omnichannel. Bridal and diamond jewelry also did well for the division in the second quarter.
The average transaction price at Sterling increased by 4 percent, even as the number of transactions was down 3 percent due mainly to merchandise mix.
The Zale division, which was acquired in May 2014, pulled out a stronger performance, with comps increasing by 6 percent in the second quarter and total sales rising by 57 percent, reaching $389.3 million.
Signet said that sales-related drivers for Zale included sales associate training, branded bridal, branded diamond fashion jewelry, targeted promotional events and new marketing efforts.
The second quarter of fiscal 2016 marked the 23rd consecutive quarter of positive comps for Sterling Jewelers, while Zale also has been consistently posting positive numbers.
Signet said that it expects same-store sales growth of between 3 percent and 4 percent in the third quarter, and a strong performance going forward based on a number of new initiatives. The company will launch a partnership with Alex and Ani in the fall to drive traffic, testing the brand in 108 Jared stores beginning in mid-September.
It also will launch a “Chosen Diamonds” program in 60 Jared stores this fall, meant for the “sentimental customer” as it
provides documentation of a stone from rough to polished so that every consumer knows the steps their stone went through.
Signet operates more than 3,600 stores throughout all divisions across North America and the U.K.
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