Signet Jewelers completes purchase of Ultra Stores

The Associated Press

Signet Jewelers Ltd. said Friday that it has completed its $57 million acquisition of jewelry chain Ultra Stores Inc. from Crystal Financial LLC.

The company announced in late October that it would by Ultra as a means to expand its business and broaden its customer reach.

Signet, based in Bermuda, operates more than 1,300 stores in the U.S. under the brands Kay Jewelers and Jared the Galleria of Jewelry. It operates about 500 stores in the U.K. under the brands H. Samuel and Ernest Jones.

Ultra, based in Chicago, operates 102 stores in outlet malls. It generated revenue of roughly $140 million in its most recent fiscal year.

Signet said the deal will add an estimated $40 million to $45 million to its fourth-quarter revenue but have a minimal impact on its earnings for the period. The deal is expected to add to earnings by the end of its 2014 fiscal year.

Shares of the company fell 77 cents to $53.23 by midmorning.