Signet Pre-Tax Profits, Sales Rise

The preliminary results for jewelry retailing giant Signet showed a five percent rise on the year in group profit before tax to $394.5 million for the year ended January 29. Group sales edged up just 1 percent to $3.03 billion.

Meanwhile, group like for like sales rose 5 percent, Signet reported.

Among the operational highlights in the United States, where Signet operates 1,126 stores under the names Kay Jewelers, Jared The Galleria Of Jewelry and under a number of regional names, were a 13.4 percent rise in operating margin and Kay Jewelers became the leading specialty retail jewelry brand by sales.

"The U.S. business again out-performed its main competition and gained further market share with like for like sales up by 5.9 percent," said Group Chief Executive Terry Burman. "The UK division saw like for like sales up by three percent, a good performance in an increasingly difficult market place."

Meanwhile, Signet's Chairman James McAdam, the man that turned a failing   company into the world’s biggest jewelry retailer, has announced he intends to step down from the position by June next year when he will be 75.