Signet Q1 Like For Like Sales Rise 3.3%
May 05, 05 by IDEX Online Staff Reporter
Signet Group plc, the world's largest specialty retail jeweler, today (Thursday) announced Group like for like sales rose by 3.3 percent in the first quarter of its 2005/06 fiscal year ending April 30.
Total sales were up by 6.9 percent at constant exchange rates but by 4.9 percent on a reported basis to 369.0 million pounds ($702.4 million).
"The 3.3% increase in Group like for like sales was a solid result which illustrates the benefit of the company's geographic spread," said Terry Burman, Group Chief Executive.
"In the U.K., as previously indicated at the time of the preliminary results announcement on 6 April, the period has seen a marked deterioration in the general retail environment. Divisional like for like sales declined by 6.2 percent and trading conditions continue to be very difficult.
"The US division had a strong first quarter with like for like sales up by 7.1 percent. While the business was up against particularly challenging prior year comparatives in February, it still performed well. This was followed by excellent sales in March and April."
Signet operated 1,769 specialty retail jewelry stores as of 30 April; these included 1,170 stores in the U.S., where the group trades as Kay Jewelers, Jared The Galleria Of Jewelry and under a number of regional names. At that date Signet operated 599 stores in the U.K., where the firm trades as H.Samuel, Ernest Jones and Leslie Davis.
