Signet Q1 UK Sales Slide 28% to $137.8 Million

Signet, the world’s largest specialty retailer, reported a 2.9 percent decline in same store sales in the first quarter. Total sales fell by 7.3 percent on a reported basis to $762.6 million, the company reported Thursday. U.S. sales were healthy, declining only 1 percent to $624.8 million.

U.S. sales, which suffered in the fourth quarter of last year, represented 81.9 percent of group sales in the February-April period, up from the mid-70s it represented in the past. UK sales, however, declined sharply, falling 28 percent to $137.8 million

According to Terry Burman, group chief executive, “U.S. same store sales were down 2.6 percent, an encouraging performance compared to the fourth quarter of fiscal 2009. Valentine’s Day trading was stronger than the remainder of the period, with differentiated merchandise performing particularly well. While Kay achieved an increase in same store sales, Jared was adversely affected by the general weakness in spending among households with above average incomes. 

“In the UK,” Burman continued, “same store sales were down by 4.2 percent, with performance a little weaker towards the end of the period. The business benefited from the continued focus on customer service, staff training and merchandising initiatives, with H.Samuel’s figures being comparatively resilient.”