Sales drop at Signet's UK arm

Group total sales dropped 7.5 per cent on a reported basis to US$710.9m.

Like-for-likes at its UK arm, which includes H.Samuel and Ernest Jones, slid 4.3 per cent, while total sales slumped 18.1 per cent to US£158.4m. At constant exchange rates sales fell 0.4 per cent.

At its US arm, like-for-likes dropped 5.5 per cent.

In the 26 weeks to August 1, group like-for-likes declined 4 per cent while group total sales decreased 7.4 per cent on a reported basis to US$1.47bn.

In this period, UK like-for-likes fell 4.2 per cent. Total sales plummeted 23 per cent to $US296m, on a reported basis. This represents a 1 per cent drop at constant exchange rates.

Chief executive Terry Burman said: “US same store sales were down 5.5 per cent in the second quarter, slowing a little from that of the first quarter after the Valentine’s Day period. In the UK same store sales were down 4.3 per cent, in line with the first quarter. While the outlook on both sides of the Atlantic remains uncertain, the Group will continue to seek to capitalize on market share opportunities with a strong focus on customer service and merchandise initiatives.”