March 29, 2013, 2:26 PM

The web grows 41% for Signet Jewelers

U.S. e-commerce sales in fiscal 2013 increase 48%.

Mark Brohan

Research Director

Lead Photo

It was a mix of strong growth online in the U.S. and the United Kingdom that helped Signet Jewelers Ltd. end fiscal 2013 with robust e-commerce sales.

For the fiscal year ended Feb. 2, Signet, No. 188 in the 2012 Internet Retailer Top 500 reported:

  • Total e-commerce sales increased year over year 40.6% to $129.8 million from $92.3 million.
  • U.S. e-commerce sales increased year over year 48.0% to $101.4 million from $68.5 million.
  • U.K. e-commerce sales increased year over year 19.3% to $28.4 million from $23.8 million.
  • Total sales increased 6.4% to $3.98 billion from $3.74 billion in fiscal 2012.
  • Comparable store sales increased 3.3%
  • Net income increased 10.7% to $359.9 million from $324.4 million.

The web accounted for 3.3% of sales compared to 2.5% in fiscal 2012.

“One of the strongest initiatives that I have been driving in the last couple of years is e-commerce,” CEO Michael Barnes told analysts on the company’s recent year-end earnings call.  “And when you look at the growth, the long-term growth that we've had there, it's pretty astounding.”

For the fourth quarter:

  • Total e-commerce sales increased year over year 46.9% to $63.9 million from $43.5 million.
  • U.S. e-commerce sales increased year over year 56.4% to $51.0 million from $32.6 million.
  • U.K. e-commerce sales increased year over year 18.3% to $12.9 million from $10.9 million.
  • Total sales increased 11.9% to $1.51 billion from $1.35 billion in fiscal 2012.
  • Comparable store sales increased 3.5%
  • Net income increased 9.7% to $171.8 million from $156.6 million.

The web accounted for 4.2% of sales compared to 3.2% in Q4 fiscal 2012.

“I believe everything we're doing from a digital standpoint will continue to drive forward and we can expect to see continued gains in that area,” Barnes told analysts.

Signet Jewelers operates such jewelry e-commerce sites as Kay.com, Jared.com, hsamuel.co.uk and ernestjones.co.uk.

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