US falls, UK shines at Signet
Economic weakness in the US is continuing to weigh on jewellery retailer Signet's sales performance, even as sales rise at its UK jewellers H Samuel and Ernest Jones.
Like-for-like sales in the 13 weeks to May 3 fell by 2.5% from the same period a year ago, with US like-for-like sales dropping 4.7%. Like-for-like sales climbed 5.3% in the UK.
Signet saw total sales climb to $822.3m, with $630.9m coming from the US, where it operates Jared and Kay Jewelers stores, and $191.4m from the UK.
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"US like for like sales were down 4.7%, reflecting a difficult trading environment partly offset by better weather over Valentine's Day," chief executive Terry Burman said.
"The results from the price increases implemented in the US in February and March remain encouraging, although a full evaluation will only be completed in the summer. In the UK, like for like sales rose by 5.3%, with both H Samuel and Ernest Jones outperforming the UK retail sector in a demanding marketplace."
