UPDATE: Signet Posts Higher Q1 Profit

Signet Jewelers (NYSE: SIG) reported a rise in its fiscal first-quarter profit.Signet's quarterly profit increased to $96.6 million, or $1.20 per share, versus a year-ago profit of $91.8 million, or $1.13 per share. Excluding items, it earned $1.29 per share, up from $1.13 per share. Signet had expected earnings of $1.24 to $1.28 per share. Its revenue climbed 6.3% to $1.06 billion. However, analysts were expecting earnings of $1.27 per share on revenue of $1.07 billion. Signet's gross margin rose to 38.6% from 38.5%. Its same-store sales surged 3.3% in the quarter. Kay posted a 4.2% rise in same-store sales, while Jared's same-store sales climbed 2.3%.In the US division, Signet's total sales surged 5.4% to $903.5 million, while same store sales rose 3.2%. In the UK division, the company's total sales jumped 12.4% to $151.7 million while same store sales climbed 4.1%.For the current quarter, Signet projects earnings of $0.95 to $1.01 per share, versus analysts' estimates of $0.98 per share. Signet also expects same-store sales growth of 3% to 5%. Mike Barnes, Chief Executive Officer said, "We delivered a very strong first quarter with increases of 6.3% in total sales, 3.3% in same store sales and 14.2% in adjusted EPS. Positive momentum at our UK division continued with same store sales of 4.1% and a significant improvement in profitability. US division same store sales increased 3.2%, with a solid performance by both Kay and Jared. We were very pleased with our quarterly results, which were driven by the excellent execution of our associates and resilient customers who shopped our great merchandise offerings. I would like to thank all Signet associates for their contributions to these results.”Signet's shares gained 3.75% to $103.38 in pre-market trading.