Signet third-quarter same-store sales rose 2.8%

Signet Group on Thursday said that same-store sales rose 2.8% for the third quarter, ended Oct. 30.

In the U.S., which accounts for about two-thirds of Signet’s total business, same-store sales for the period rose 3.5%. The company said same store sales would have been better if it were not for the four hurricanes that struck Florida in August and September.

“Had it not been for the adverse impact of an unusual level of hurricane activity, which affected a number of states, we estimate the increase would have been about 4%,” Terry Burman, Signet chief executive, said in a statement.

In the U.K., same store sales rose 1.6% for the period.

Total third-quarter sales for the London-based jewelry retailer were $539 million, a 6.1% increase at constant exchange rates over the same period during the previous year. At actual exchange rates, reflecting the weakening of the U.S. dollar, sales were flat.

In the U.S., total third-quarter sales were $357.5 million, a 1% increase over the previous year. In the U.K., total third-quarter sales were $181.35 million, a 1.9% increase.

For the first 39 weeks of the fiscal year to Oct. 30, Signet total sales were $1.8 billion, a 0.6% increase over the previous year. Same-store sales rose 6%.

Total sales in the U.S. for the same period rose 0.6% to $1.2 billion. Same-store sales rose 6.8%.

In the U.K., total sales rose 3.3% to $551 million. Same-store sales rose 4.2%.

Signet operates 1,725 specialty retail jewelry stores, including 1,126 stores in the U.S., where the Group trades as Kay Jewelers, Jared The Galleria Of Jewelry and under a number of regional names. It operates 599 stores in the U.K., where it trades as H.Samuel, Ernest Jones, and Leslie Davis.

Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine