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Signet sales down in UK but up 6.7% in total

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Healthy US trading during the last year helped push jewellery retailer Signet’s income before income taxes up a huge 30.3 per cent, results revealed today.

Total same store sales rose 6.7 per cent year-on-year in the 52 weeks to January 29th 2011, and total sales went up by five per cent to $3.437 billion (£2.1 billion) during the same period.

Trading actually fell in the UK however with store sales down 1.4 per cent, and total sales in this country declining 5.5 per cent to $693.2 million.

Mike Barnes, CEO for Signet, commented: “Fiscal 2011 was an outstanding year for Signet with same store sales up 6.7 per cent, adjusted income before tax increasing 50.9 per cent and free cash flow of $315.8 million before the Make Whole Payment.

“I would like to thank all members of the Signet team for their contribution to this great performance.”

Although the company’s performance in its main US market justifies Barnes’ confidence, UK trading should be of a bigger concern and he admitted that for the first seven weeks of the new financial year UK store sales declined 4.6 per cent compared to a decline of 0.1 per cent for the same period last year.

UK trading will concern Signet further due to rival jewellers Aurum Holdings reporting a 16 per cent rise in domestic sales for the 49 weeks to January 9th.

Adjusted diluted earnings per share at Signet, excluding non-recurring items, jumped 45.4 per cent to $2.66 during the year and free cash flow excluding non-recurring items by the end of period totalled $315.8 million.

Published on Wednesday 30 March by Editorial Assistant

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