August 28, 2012, 11:25 AM

Kay Jewelers’ web sales shine in Q2

E-commerce revenue was up 40%.

Stefany Moore

Associate Director of Research

Lead Photo

It was a bright quarter for Signet Jewelers Ltd., the parent company of online and store jewelry brands Kay and Jared.

For the three months ended July 28, Signet, No. 188 in the Internet Retailer Top 500 Guide, reported:

  • Web sales of $24.2 million, a 39.9% jump compared with $17.3 million in Q2 of 2011.
  • Total sales of $853.9 million, up 7.1% from $797.6 million.
  • Comparable-store sales increased 7.1%.
  • U.S. sales grew by 9.2% to $701.9 million from $643.0 million.
  • United Kingdom revenue declined 1.7% to $152.0 million compared with $154.6 million in Q2 of last year.
  • Net income of $70.7 million, a 6.6% increase from $66.3 million.

E-commerce sales accounted for 2.8% of total sales in the second quarter, compared with 2.2% in Q2 last year.

“We delivered strong second quarter results driven by a 12.5% increase in same-store sales at Kay and positive same-store sales in the U.K.,” says Mike Barnes, CEO. “As we begin the second half of the year, we remain focused on delivering an exceptional customer experience with exciting merchandise programs, new enhanced marketing programs and further development of our digital sales capabilities.”

For the first half of the year, Signet also reported:

  • Online sales of $46.3 million, a 33.8% increase from $34.6 million in the first six months of 2011.
  • Total sales increased by 4.2% to $1.75 billion from $1.68 billion.
  • Comparable-store sales increased 4.0%.
  • U.S. sales of $1.45 billion, up by 5.1% from $1.38 billion.
  • U.K. revenue of $300.5 million, a 1.1% decrease from $303.9 million.
  • Net income of $153.2 million, an 8.1% increase compared with $141.7 million in the first half of last year.

Online revenue accounted for 2.6% of total sales in the first six months of 2012, compared with 2.1% last year.

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