Steady sales rise at Signet
Jeweller sees slowdown in recent weeks
August 9 2002
Retail jeweller Signet has seen group like-for-like sales increase by 7 per cent in the past six months.
In common with other retailers, Sinet, which operates jewellery chains in the UK and US, has seen sales slow during June and July. Nevertheless, total group sales in the 26 weeks to August increased by 8.4 per cent. H Samuel like for like sales were up by 4.2 per cent and Terry Burman, group chief executive, said: “The group had a good first half year and continued to perform strongly in the second quarter with like-for-like sales growth of 7.1 per cent.
“In the US like-for-like sales increased by 6.8 per cent in the second quarter benefiting from a positive response to marketing activity in the early part of the quarter. While marketing activity in the latter part of the quarter was at a lower level, sales remained encouraging and the business continued to outperform its main competition and gain market share.
“The UK division again performed strongly with like for like sales up by 7.9 per cent in the period, although a slight moderation in the pace of growth was evident in the last two months. The 13.3 per cent growth in Ernest Jones like-for-like sales reflected the continuing trend towards aspirational products.” The group’s US brands include Kay Jewelers and Jared The Galleria Of Jewelry.
