Signet Same Store Sales Down 2.9%

Signet Jewelers reported its same store sales declined by 2.9% in the first quarter of 2009.

Total sales were down by 7.3% on a reported basis to $762.6 million, reflecting an underlying decrease of 1.1% at constant exchange rates

Terry Burman, Group Chief Executive, commented, “U.S. same store sales were down 2.6%, an encouraging performance compared to the fourth quarter of fiscal 2009. Valentine’s Day trading was stronger than the remainder of the period, with differentiated merchandise performing particularly well. While Kay achieved an increase in same store sales, Jared was adversely affected by the general weakness in spending among households with above average incomes. “

In the UK, same store sales were down by 4.2%, with performance a little weaker towards the end of the period.