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Signet UK sales down 6.2%


H Samuel and Ernest Jones’ parent company Signet has reported a 6.2 per cent reduction in total UK sales for the third quarter of its financial year.

The figure, which is a comparison with Q3 last year, was accompanied by a 0.6 per cent reduction in same store sales.

UK sales reached $144.8 million during the three months, representing 22.6 per cent of Signet’s overall sales.

The jewellery retailer group fared much better in its largest market the US, where Kay and Jared operate, with same store and total sales up 9.7 per cent and 8.8 per cent year-on-year respectively.

Results on both sides of the Atlantic contributed to the group reporting income before tax of $12 million and a 7.2 per cent increase in same store sales.

A statement issued by the business today said: “The consumer environment in both the US and the UK remained challenging in Q3, however the business continued to utilise its competitive advantages and strong balance sheet to improve sales and enhance operating margins.

“As a result, Signet‘s Q3 results returned to a profit in Fiscal 2011, after reporting a loss for the third quarters of Fiscal 2009 and 2010.”

Terry Burman, CEO of Signet, said he was “delighted” with the Q3 performance, but warned: “The economic environment remains challenging for the very important fourth quarter.”

Published on Tuesday 23 November by Editorial Assistant

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