Signet sales up 10.5 percent led by a strong U.S. showing

Signet Group plc, the world’s largest specialty retail jeweler, on Thursday said that same-store sales for the second quarter rose by 7.9 percent, compared to the same period of the previous year. Total sales for the period (ended July 29) were up by 10.5 percent on a reported basis to approximately $745.3 million. At constant exchange rates sales increased 12.8 percent.

The London-based company said U.S. sales, which accounted for 76 percent of total group sales for the period, was approximately $565.3 million, a 13.3 percent increase over the previous year’s second quarter on a reported basis. At constant exchange rates sales rose 16.6 percent. Same-store sales rose 10.3 percent.

Sales in the United Kingdom, which accounted for 24 percent of total group sales for the period, totaled approximately $180 million, a 2.5 percent increase over the previous year’s second quarter. Same-store sales were up 0.6 percent for the period.

“In the second quarter the U.S. business experienced an excellent Mother’s Day trading period, and a solid performance during June and July,” said Terry Burman, Signet Group Chief Executive. “The U.K. division achieved a like for like sales increase of 0.6 percent in the second quarter, an improvement over the first quarter.”

For the first-half of the fiscal year, Signet Group same-store sales rose by 5.2 percent, compared to the same period in the previous year. Total sales were up by 12.1 percent on a reported basis to approximately $1.5 billion, for the period ended July 30. At constant exchange rates, the underlying increase was 9.9 percent.

U.S. sales, which accounted for 77 percent of total group sales for the period, was approximately $1.2 billion, a 15.8 percent increase over the previous year’s second quarter on a reported basis. At constant exchange rates sales rose 12.7 percent. Same-store sales rose 7 percent.

Sales in the U.K., which accounted for 23 percent of total group sales for the period, totaled approximately $353.6 million, a 1.3 percent increase over the previous year’s second quarter. Same-store sales were flat for the period. 

“The Group has had a good first half,” Burman said. “The U.S. division performed particularly well … while the UK business has seen a return to growth in total sales.”

Signet operates 1,847 specialty retail jewelry stores with 1,257 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 590 stores in the UK, where the Group trades as “H.Samuel,” “Ernest Jones,” and “Leslie Davis.”