Signet like for likes down in second quarter.
Group like for like sales fell 4.5 per cent in the 13 week period.
The group saw US sales, where it makes more than 70 per cent of revenues, slip by 5.2 per cent. In the UK, where the firm trades as H.Samuel and Ernest Jones, same-store sales were down 0.6 per cent.
Terry Burman, Group Chief Executive, commented, ‘In the first half, Group like for like sales were down 3.4% reflecting the continuing difficult trading environment in both the US and UK.In the second quarter, the underlying like for like sales in the US remained at a similar level to that seen since the start of the year. The results of the price increases continue to be encouraging and we remain on target to at least maintain at last year’s level our full year gross merchandising margin rate. In the UK, as expected, the like for like sales growth of the first quarter was not maintained. However, the second quarter was still encouraging given the demanding comparatives, and the division’s continued out-performance of the non-food retail category.’
