For Signet, Home Turf Provides Growth Engine in Q2

Signet Group posted a 7.4 percent rise in sales in the second quarter, as the UK operations of the specialty retailer, representing 25.8 percent of group sales, leaped 15.1 percent to $202.9 million. Total group sales were $787.2 million.

Group like-for-like sales in the second quarter rose 3.4 percent, with Ernest Jones seeing a 9 percent growth and H.Samuel 4.4 percent.

In the first half of the year Signet’s sales rose to $1,601.5 million, a 9.2 percent rise on a reported basis. U.S. sales of $1,216.6 million represented 76 percent of group sales.

“At the start of the second quarter the U.S. business experienced a weak Mother's Day period,” Terry Burman, Group Chief Executive, reported.

“The UK has had an encouraging quarter with a like-for-like sales increase of 6.6%, helped by a particularly strong June,” he added.

Signet is the world’s largest specialty retail jeweler. Its U.S. division targets the middle market, holding an approximate 8.8 percent market share of the specialty jewelry market.

The UK division has 581 stores and a total market share of approximately 17 percent. It trades under the names H.Samuel, targeting the middle market, and Ernest Jones, aiming at the upper end of the middle market.