Signet 3Q Same-Store Sales Up 3.2%

Signet Group plc, the world’s largest specialty retail jeweler, said Thursday that its same-store sales rose 3.2 percent in the third quarter, ended Nov. 3. Total sales for the period were up by 10 percent to $678.7 million, year-over year. At constant exchange rates, the increase was 7.9 percent.

In the U.S.—which accounted for nearly 72 percent of group sales for the quarter, and operates under Kay Jewelers, Jared The Galleria Of Jewelry, and under a number of regional names—reported that same-store sales rose 2.5 percent for the quarter. Total sales rose 10.1 percent to $488.1 million.

In the U.K.—which accounts for 2.1 percent of total group sales and operates under H.Samuel, Ernest Jones, and Leslie Davis—same-store rose 4.8 percent for the quarter. Total sales for the period were up 9.9 percent (2.7 percent at constant exchange rates) to $190.6 million.

For the first nine months of the year, total same-store sales rose 3.2 percent for the U.K.-based jewelry chain. Total sales for the period were up 9.4 percent to $2.28 billion for the period. At constant exchange rates, the increase was 7 percent.

In the U.S., which accounted for nearly 75 percent of group sales for the period, sales-store sales rose 2.7 percent. Total sales rose 8.3 percent to $1.7 billion.

In the U.K., which accounted for 25.2 percent of group sales for the period, same-store sales rose 4.7 percent. Total sales rose 13 percent (3.4 percent at constant exchange rates) to $575.5 million.

“Third quarter group like for like sales growth was in line with the first half,” said Terry Burman, group chief executive. “In the U.S., the like for like performance during August and September was stronger than in October. In the U.K., the business again performed well, with Ernest Jones once more achieving a robust like for like sales increase. While the trading environment remains uncertain on both sides of the Atlantic, we have continued to improve the quality of execution in both businesses and are well positioned to compete during the very important fourth quarter.”