Thursday, Specialty retail jeweler Signet Jewelers Ltd. (SIG, SIG.L) reported a rise in its first-quarter net income in spite of lower revenues, helped by lower expenses.
Signet Jewelers posted first quarter net income of $26.3 million or $0.31 per share, compared to $25.7 million or $0.30 per share in the last year.
Income before income tax rose 3.2% to $41.4 million from $40.1 million in the year-earlier quarter. Comprehensive income amounted to $29.2 million, compared to same in the year-ago quarter.
Operating income increased 14.2% to $52.4 million from $45.9 million in the previous-year quarter, and up by 13.4% at constant exchange rates. This included a favorable impact of $4.0 million from a change in US vacation policy.
Selling, general and administrative expenses narrowed to $232.8 million from $261.7 million in the prior-year quarter.
Sales for the quarter totaled $762.6 million, down 7.3% from $822.5 million in the prior year, reflecting an underlying decrease of 1.1% at constant exchange rates. Same store sales for the quarter were down 2.9%.
Divisional-wise, US total sales dropped by 1.0% to $624.9 million from $631.1 million in the same quarter last year. UK division's total sales declined 28.1% to $137.7 million from $191.4 million in the comparable quarter prior year.
Central costs were $2.7 million, down from $4.3 million in the year-ago quarter, reflecting the impact of the change in the average exchange translation rate and a gain on foreign exchange.
Terry Burman, Chief Executive, Signet Jewelers commented: "We have had a good start to the year reflecting the impact of our operational initiatives, and have made significant progress towards achieving our financial objectives for fiscal 2010."
For fiscal 2010, the company now expects free cash inflow to be towards the top end of the $175 million to $225 million range indicated in the fiscal 2009 annual report.
SIG is currently trading at $20.00, up 3.15%.
SIG.L is currently trading on London stock exchange at 1,231.00 pence, up 4.59%.
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