The US-based retailer reported a one per cent year-on-year increase in sales to $USD1.55 billion ($AUD2.19 billion) for the 13 weeks ended 2 May. Net profit fell five per cent to $USD31.7 million ($AUD44.9 million).
CEO J.K. Symancyk said that early results from the ‘Grow Brand Love’ strategy demonstrate the company's ability to maintain performance while transforming.
"We drove topline growth, with all categories up on a comparable-sales basis," he said.
"We also delivered positive performance for both Valentine’s Day in February as well as Mother's Day to start the second quarter."
Symancyk added that he plans to accelerate marketing across Signet's three largest brands – Kay, Zales, and Jared – and to strengthen brand differentiation through improved store layouts.
Signet also raised the lower end of its full-year sales guidance to $USD6.7 billion ($AUD9.5 billion), increasing from its previous forecast of $USD6.6 billion ($AUD9.3 billion). The company expects second-quarter sales between $USD1.5 billion ($AUD2.12 billion) and $USD1.53 billion ($AUD2.17 billion).
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