Signet Sales Growth Aided By UK Jewellers

Wed, 14 Nov 2007

The world’s largest jewellery retailer Signet has reported a rise in sales, helped largely by its UK-based sub-companies Ernest Jones and H Samuel .

US based jeweller Signet reported a rise in the third quarter sales, but warned that trading prospects in the UK and US remain uncertain.

Signet said overall like-for-like sales rose 3.2 per cent in the 13 weeks to November 3, with total group sales reaching £322.2m ($678.7m), while UK like-for-like sales rose 4.8 per cent to £90.4m ($190.6m).

Ernest Jones and H Samuel recorded a sales gain of 6.5 per cent and 3.5 per cent respectively.

Terry Burman, Signet’s chief executive, commented: "Third quarter group like-for-like sales growth was in line with the first half. In the US, the like-for-like performance during August and September was stronger than in October."

"In the UK, the business again performed well, with Ernest Jones once more achieving a robust like-for-like sales increase."

Burman added: "While the trading environment remains uncertain on both sides of the Atlantic, we have continued to improve the quality of execution in both businesses and are well positioned to compete during the very important fourth quarter."

Signet’s like-for-like sales in the US, where the company trades as Kay Jewellers and Jared the Galleria of Jewellery, were up 2.5 per cent in the third quarter at £231.7m ($488.1m).

The jewellery giant operates a total of 1,953 retail stores, with 1,383 in the US and 570 in Britain .
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.