Signet same-store sales up 3.4% in second quarter

Signet Group plc, the world’s largest specialty retail jeweler, reported that total second quarter sales performance (the 13 week period from May 4 to Aug. 2) were £324.4 million ($521.2 million), an increase of 5.2% at constant exchange rates. At actual exchange rates total sales fell 1.1%, reflecting the weakening of the US dollar, companies officials said. Same store sales increased by 3.4%.

U.S. sales (which accounted for 69.2% of total sales during the second quarter) fell 3.1%, while same-store sales increased 3.1%. Sales in the United Kingdom (which accounted for 30.8% of total sales) increased by 3.7%, with same-store sales up by 3.8%.

The company said at constant exchange rates U.S. sales rose by 5.8% and total sales increased by 5.2%.

Total Group sales in the in first half of the year were £667.3 million ($1.1 million), an increase of 4.9% at constant exchange rates (down 2.3% at actual exchange rates). Group like for like sales increased by 2.8%. U.S. sales for the first half of the year totaled £474.8 ($763 million), which represents a 4.9% drop, even though same-store sales rose by 2.1%during the 26-week period.

Signet operates 1,675 specialty retail jewelry stores including 1,073 stores in the US, where the Group trades as “Kay Jewelers”, “Jared The Galleria Of Jewelry” and under a number of regional names; and 602 stores in the U.K., where the Group trades as “H.Samuel”, “Ernest Jones” and “Leslie Davis”.