Signet Jewelers has reported higher sales and profit in the third quarter, attributed to the company’s ongoing strategy.

Signet operates approximately 2600 stores, primarily under the name brands of Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, James Allen, Rocksbox, Peoples Jewellers, H Samuel, and Ernest Jones. 

The retailer’s net sales for the quarter ended November 1 increased 3.1 per cent year-on-year to $1.4 billion, with same-store sales up 3 per cent.

Merchandise average unit retail was up 7 per cent, including 6 per cent growth in bridal and 8 per cent uplift in fashion.

Operating income jumped from $9.2 million a year earlier to $23.9 million. Net income rose from $7 million to $20 million.

“Signet’s ‘Grow Brand Love’ strategy delivered same store sales growth led by Kay, Zales, and Jared which reflects our continued focus on our largest brands,” said J K Symancyk, CEO of Signet.

“Our balanced diamond assortment strategy, alongside ongoing stabilization in diamond retail prices, is driving growth and expanded average retail in both bridal and fashion.”

The company expects same-store sales to range from a 5 per cent decline to a 0.5 per cent increase, reflecting external disruptions since late October and potential continued softness in consumer confidence.

Full-year same-store sales are forecast to range from a 0.75 per cent drop to a 1.75 per cent uplift.