Signet reports growth in sales and profits

Signet Group Plc, third-quarter profits before tax rose to $8.7 million versus $3.6 million a year earlier, with same-store sales up by 4.7%. Total sales for the period ended Nov. 1, were $491.5 million, an increase of 7.1% at constant exchange rates and 3.8% at actual exchange rates.

In the 39-week period also ended Nov. 1, profits before tax was reported at $90 million, a 10.9% gain at constant exchange rates and 3.3% gain on a reported basis. Same-store sales increased by 3.3%. Total sales at $1.62 billion reflected an increase of 5.5% at constant exchange rates and 0.5% at actual exchange rates.

In the United States for the third-quarter, which accounts for 71% of total sales, same-store sales were up 4.5%. Total sales increased to $327.6 million, a 7.7% gain at constant exchange rates and 2.8% on a reported basis.

In the 39-week period, same-store sales were up 2.8%. Total sales of $1.13 billion were up by 5.7% at constant exchange rates but fell by 2.8% on a reported basis.

Signet, based in London, operates approximately 1,694 specialty retail jewelry stores, including 1,092 stores in the U.S., where the Group trades as “Kay Jewelers,” “Jared The Galleria Of Jewelry,” and under a number of regional names; and 602 stores in the UK, where it trades as “H.Samuel,” “Ernest Jones,” and “Leslie Davis.”