Sales up, profit down, more U.S. investment for Signet

Signet Group plc reported Wednesday that fourth and year-end sales rose while profit fell for the same periods.

The specialty jewelry retailer’s quarterly sales rose 1.8 percent to $1.25 billion. Sales in the U.S. accounted for $910.1million while the company’s business in the U.K. contributed $340.6 million for the quarter.

The company reported a profit for the quarter of $164.7 million compared to $172 million in the previous quarter.

For the year, Signet Group’s sales were up 8.5 percent to $3 billion.

The company posted an annual profit of $250 million in comparison with $270.2 million in the previous year.

Terry Burman, Signet Group ceo, said that the company plans to make a significant investment to add to its already strong U.S. business.

“The U.S. business again significantly outperformed its main competition and gained further market share,” Burman said. “The business has now become the largest U.S. specialty jewelry retailer by sales. Over the next five years it is planned to invest some $1 billion in new U.S. store space. In the longer term there is the potential to double the number of stores.”