Signet Q2 profit drops with Mother’s Day shift

Hamilton, Bermuda -- Signet Jewelers Ltd.’s net income fell to $67.4 million for the quarter ended Aug. 3, down from $70.7 million a year earlier, impacted by the Mother’s Day calendar shift.  

Total sales increased 3.1% to $880.2 million, fueled by strong sales at the company’s Kay Jewelers and Jared stores in the United States. Sales were soft at its British chains.

Same-store sales were up 3.6%. At Kay, same-store sales rose 5.8%.

Signet CEO Mike Barnes commented: “We delivered solid second quarter results as expected, driven by same-store sales increases of 3.6% overall and 4.9% in the U.S. led by Kay up 5.8% and Jared up 5.5%. All results were, as previously explained, impacted by the Mother's Day calendar shift.”

 

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