There's more in store at Sterling Jewelers than sterling silver. The jeweler's Jared stores sell diamond jewelry and loose diamonds, as well as luxury watches such as RolexTag Heuer, and Raymond Weil.
North America Same store sales increased 0. Same store sales were positively impacted by 95 bps due to James Allen sales growth and bps due to a planned shift in timing of promotions.
Same store sales were negatively impacted by bps as a result of credit outsourcing transition issues. Same store sales increased at Zales and Piercing Pagoda by 8. Kay same store sales decreased 1. Bridal and Fashion sales increased in the quarter as they benefited from a greater percentage of newness in product assortment, offset by declines in the Other product category driven by a strategic reduction of owned brand beads.
Fashion performance was primarily driven by gold jewelry items and new fashion rings.
International International same store sales decreased 6. The same store sales decline was driven by lower sales in diamond jewelry and fashion watches, partially offset by higher sales in prestige watches and eCommerce.
Additional factors impacting gross margin rate include 1 a negative 70 bps impact related to the discontinuation of credit insurance; 2 a negative 50 bps impact from higher year over year bad debt expense; 3 a negative 20 bps due primarily to calendar shifts of promotions into the first quarter and 4 a negative 10 bps impact related to adopting new revenue recognition accounting standards.
SGA wasor Increases in SGA, including the impact of foreign exchange, were partially offset by transformation cost savings. Other operating income was.The most recent Zales development, and perhaps one of the most alarming developments for investors is that Signet reported a negative % SSS number for Zales Q4 This was the first negative holiday season SSS number for Zales since First Quarter Financial Highlights.
Signet's total sales were $ billion, up %, in the 13 weeks ended May 5, ("first quarter Fiscal ") on a reported basis and up % on a constant currency iridis-photo-restoration.com same store sales performance was ()% versus the prior year quarter.
Same-store sales reflected continued strong growth at Zales, Piercing Pagoda, and James Allen and improved performance at our Jared, Kay, Ernest Jones, and H. Samuel banners.
eCommerce was a. Signet operates approximately 3, stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, iridis-photo-restoration.com, Ernest Jones, Peoples and Piercing Pagoda.
Financial Performance Comparison: Zales & Signet Zales & Signet are two leading companies within the jewelry industry. Though they have many similarities, one of the primary differences is that Zales is a domestic company and Signet is based in the United Kingdom.
Financial Performance Sterling Jewelers' annual sales have been rising over the past several years with mid to high-single digit same-store sales (between 4% and 5% per year since FY) and a rising store count, which has grown 14% since FY, from 1, stores to 1, stores in FY