Signet Third Quarter Results Up

Signet Group’s total sales in the past quarter ending October 28 increased by 9.5 percent at constant exchange rates. The reported increase was 5.7 percent to €328.2 million ($431 million) as compared to the third quarter of 2005, which was €310.5 million ($408 million).

Profit before tax rose to €3.8 million ($5 million) as compared to the same period in 2005, which saw an increase of €3 million ($4 million).

CEO Terry Burman said, “Group profit before tax in the nine months to date was 12.7% ahead of last year. Our U.S. division continued to trade well. Despite trading conditions remaining difficult in the UK jewelry sector, our stores have shown an improved performance in the quarter. “

Burman also said that “We continue to execute strategies in the UK and US to improve the competitive positions of both businesses, which are in good shape and are well placed to compete. As always, results for the year as a whole will be dependent on the outcome during the very important fourth quarter which represents some 40 percent of annual sales.”