AP News

Signet Jewelers 2Q net income rises

NEW YORK (AP) — Better results Kay jewelry stores and strong online traffic buoyed Signet Jewelers' fiscal second-quarter results. Its net income rose 7 percent and revenue improved.

For the period ended July 28, the jewelry company earned $70.7 million, or 85 cents per share. That's up from $66.3 million, or 76 cents per share, a year earlier.

The company topped the 83 cents per share that analysts surveyed by FactSet predicted.

Shares of Signet Jewelers added 30 cents to $47.80 before the market open Thursday.

Revenue increased 7 percent to $853.9 million from $797.6 million as online sales grew 39.9 percent. Sales climbed 9.2 percent in the U.S. and fell 1.7 percent in the U.K.

Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 7.1 percent. This figure excludes results from stores recently opened or closed.

In the U.S., the metric climbed 8.2 percent due to strong Mother's Day results. The figure increased 2.1 percent in the U.K. because of sales of branded jewelry, watches and bridal jewelry.

Revenue at Kay stores open at least a year rose 12.5 percent, the biggest gain reported by any of its brands.

For the third quarter, Signet Jewelers Ltd. anticipates earnings between 34 cents and 38 cents per share.

Analysts forecast earnings of 36 cents per share.

Signet Jewelers said that it expects to report its third-quarter financial results on Nov. 20.

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