Signet Q2 Sales Flat, H2 Outlook ‘Uncertain’
August 26, 10
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Signet Jewelers Limited U.S. and UK sales in the second quarter totaled $722.8 million, rising just 1.7 percent year-over-year. Sales of $1.53 billion in the first six months of the year increased 4.1 percent from 2009.
The jewelry retailer reported a 4.5 percent increase in same store sales, posting a net income of $40.7 million for the second quarter, an increase of 47.5 percent.
About 80 percent of the company’s sales were in the U.S., rising 5.1 percent to $580.8 million in the quarter. Same store sales rose by 5.9 percent compared to a decline of 5.5 percent in the second quarter last year.
The UK division’s sales were down by 10.3 percent to $142 million, reflecting a 2 percent at constant exchange rates. Same store sales declined 0.5 percent, compared to a decline of 4.3 percent in the prior year period.
CEO Terry Burman provided a downbeat outlook for the rest of the year, saying it is “uncertain. Burman said the company will increase advertising during the Holiday Season and further expand the availability of differentiated merchandise, “in an effort to continue to gain profitable market share.”