Signet Jewelers share price takes a hit despite Christmas sales boost

 
Caitlin Morrison
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Signet Jewelers UK division includes H.Samuel and Ernest Jones (Source: H.Samuel)
Despite reporting a 4.2 per cent jump in sales during the eight weeks ended 31 December, shares in Signet Jewelers dropped by over five per cent yesterday.

The retail jewellery business reported a 9.7 per cent jump in same store sales in its UK jewellery division, which includes H.Samuel and Ernest Jones.

Mark Light, Signet’s chief executive, said the UK division led the group’s performance with its best result in 12 years.

“These results were driven by fresh, trend-right merchandise offerings and strategic collaboration with the Sterling division,” he said.

Light also pointed to a strong performance in Signet’s Zale division, which, he said, began to benefit from investments and initiatives in merchandising, store team member training, and advertising.

He added: “Our company performed well during the holiday period, delivering increased same-store sales across all divisions. This is particularly pleasing given the amount of change we have dealt with during the course of the fiscal year.”

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