Signet trumps expectations

 
City A.M. Reporter
SIGNET Jewelers posted a larger-than-expected quarterly profit yesterday.

Its UK Ernest Jones chain’s same-store sales rose 4.4 per cent. Still, the company’s gross margin there took a hit from shoppers’ preference for sale items, Signet said.

Company-wide, same-store sales rose 7.1 per cent, compared with a slower 1.2 per cent in the last quarter.

Net income rose to $70.7m, or 85 cents per share, from $66.3m, or 76 cents per share, a year earlier.