Signet Jewelers reported an increase in sales revenue of 6.3% year-on-year to $ 1.06 billion in the first fiscal quarter ended May 3, 2014, reports Rapaport.
Sales in comparable stores showed an increase of 3.3% on a year-on-year basis, and Internet sales jumped 24.4% to $ 38.7 million.
Cost of sales for the reporting quarter increased by 6.2% to $ 648.9 million, and profit The company increased by 5.2% to $ 96.6 million, equivalent to $ 1.20 per diluted share.
The gross profit margin as a percentage of sales increased slightly, reaching 38.6% compared to 38.5% for the same period last fiscal year.
The value of Signet's inventory rose 6.9% on a year-on-year basis to $ 1.52 billion.
Signet CEO Mike Barnes commented on the financial results as follows: "We are very pleased with the results of the 1st financial quarter, which are due to the excellent work of our staff and the commitment of customers who took advantage of our promotions and product offerings. We are also satisfied with the results of the first weeks of May and the results of sales on Mother's Day, having received a positive response from consumers to our new collections and goods, especially fashion jewelry. "