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Signet Sales Up 5.7% in Fiscal 2014

28 march 2014

Signet Jewelers Limited, the largest specialty retail jeweler in the US and the UK, yesterday announced its results for the fourth quarter Fiscal 2014 and the Fiscal year 2014, ended February 1, 2014.
The company’s total sales were $4,209.2 million, up $225.8 million or 5.7% compared to $3,983.4 million in the Fiscal 2013. Same store sales increased 4.4% compared to an increase of 3.3% in Fiscal 2013.  eCommerce sales were $164.1 million compared to $129.8 million in Fiscal 2013, up $34.3 million or 26.4%.  
In the US division of Signet, total sales were $3,517.6 million, up 7.4% compared to the prior year.  Same store sales increased 5.2% compared to an increase of 4.0% in Fiscal 2013. Sales increases in the US for Fiscal 2014 were driven by a variety of merchandise categories in both Kay and Jared, as well as the inclusion of Ultra for a full year, which added an additional $91.3 million of sales.
By category, bridal, colored diamonds, fashion jewelry, beads and watches all performed well.  eCommerce sales in the US were $129.0 million compared to $101.4 million in Fiscal 2013, up $27.6 million or 27.2%.  
In the UK division, total sales were $685.6 million, down 3.4% from Fiscal 2013. Same store sales increased 1.0% compared to an increase of 0.3% in Fiscal 2013. Sales performance in the UK was primarily driven by an increase in same store sales performance of the business in the fourth quarter. The UK experienced sales growth primarily in bridal and fashion diamond jewelry, fashion watches, as well as prestige watches, exclusive of Rolex, which is being offered in fewer stores in Fiscal 2014.
Signet posted net income at $368 million, or $4.56 per diluted share, up $8.1 million or 2.3% compared to the prior financial year.
Mike Barnes, Chief Executive Officer, commented: "Signet performed well during the year delivering a 4.4% increase in same store sales and a 4.8% increase in EPS... In addition, and importantly, in February we negotiated and executed an agreement to acquire the Zale Corporation which will transform the combined companies after the transaction is closed.  The Zale team has done a great job turning its business around, and we are excited about the opportunities of helping to take Zale to the next level."
Barnes added that Signet will continue to execute on our multi-channel growth initiatives and expand our store base.

Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished