Signet Jewelers Limited announced that its second quarter sales were $1.4 billion, up $26.2 million or 1.9 percent, compared to a decrease of 2.6 percent in the 13 weeks ended July 30, 2016. Same store sales rose 1.4 percent during this period, as against a decrease of 2.3 percent during the same period last year.
The company attributed the positive performance to eCommerce platform improvements, its Mother’s Day performance and the timing of the holiday, effective marketing and bridal promotion initiatives. The financial impact of Mother’s Day is typically split between the first and second quarter, however, in the current financial year, it was entirely a second quarter impact.
Sales increases were driven predominantly by fashion jewellery including bracelets, rings, and necklaces. In addition, branded bridal also contributed to the sales increases. eCommerce sales in the second quarter were $82.2 million, up $12.6 million or 18.1 percent, compared to $69.6 million in the second quarter Fiscal 2017. Both mall and off-mall stores delivered sales growth.
All the company’s brands higher sales, with Sterling Jewelers reporting a 1.8 percent, Zale Jewellery a 1.6 percent and Piercing Pagoda a 7 percent increase in same store sales respectively.
Signet’s UK Jewellery same store sales, however, decreased 3.4 percent.
https://www.gemkonnect.com/news/signet-q2-sales-rise-19-14b-fashion-jewellery-main-driver