Zale business cuts Signet Q2 profit, boosts sales
Hamilton, Bermuda – Sixty-five days of performance from its new Zale division cut net income at Signet Jewelers Ltd. but boosted sales at Signet Jewelers Ltd. in the second quarter of fiscal 2015. Expenses related to the Zale acquisition helped reduced net income 13% to $58 million, from $67.4 million a year earlier.
Total sales were $1.22 billion, up 39%, compared to $880.2 million in prior year second quarter. The increase was primarily driven by the addition of the Zale division which added $247.5 million of sales to second quarter fiscal 2015. Organic same-store sales increased 6.3%, and e-commerce sales were $50.5 million, up 61.9% from $19.3 million.
Based on results so far, Signet now expects three-year synergy opportunities from its Zale acquisition will be $150 million to $175 million, up from its previous expectation of $100 million. Same-store sales are expected to rise in the third quarter.
Schuh Group acquisition cuts into Genesco Q2 earnings
Nashville, Tenn. – Deferred expenses related to its 2011 purchase of Scotland-based Schuh Group, as well as a change in accounting for bonus for awards, reduced net income at Genesco Inc. to $4.8 million in the second quarter of fiscal 2015, down 43% from the same quarter the previous year.
Net sales for the second quarter of fiscal 2015 increased 7.1% to $615 million from $575 million in the second quarter of fiscal 2014. Consolidated second quarter 2015 same- sales, including same-store sales and comparable e-commerce and catalog sales, increased 2%. The company reduced its earnings guidance for the full fiscal year.
HSN teams with celebs for ‘Fashion Edit’
St. Petersburg, Fla. – HSN Inc. is running "The Fashion Edit," the company’s annual fall fashion series, now through Sept. 24. The retailer is partnering with a number of celebrity designers, including Kelly Osbourne, June Ambrose and Emma Fox.
The HSN Fall Fashion series will also feature new styles from HSN’s Fall Fashion Edit designers such as Diane Gilman, Giuliana Rancic, Hal Rubenstein, Iman, Liz Lange, Marla Wynne, Rhonda Shear, Serena Williams, Slinky, and Snob Essentials, as well as brands from the Beauty Series including Korres, Smashbox, Serious Skincare, Trish McEvoy, and more.