Jeweller reports significant fall in performance of UK fascias
Jeweller Signet announced a 1.7 per cent drop in pre-tax profits after a 'significant fall' in the performance of its UK arms, H Samuel and Ernest Jones. Combined pre-tax profit stood at£200.4 million, in the full-year results published today.

Total group like-for-like sales were up 2.4 per cent for the period ending January 28. A 7.1 per cent improvement in the US compensated for a 8.2 per cent fall in like-for-likes sales in the UK.

Total sales in the US were US$1.3 billion (£742.1 billion), up 12.1 per cent. Combined sales in the UK were£469.9 million, down 7.5 per cent.

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In a statement, Signet said: 'The UK has experienced the sharpest deterioration in retail trading conditions for 14 years.'

The group plans to turn around H Samuel and Ernest Jones by lifting the average transaction value, predominantly through increased diamond sales.

Signet group chief executive Terry Burman said: 'The US business again significantly outperformed its main competition. The business has now become the largest US speciality jewellery retailer by sales.'

Signet plans to invest US$1 billion (£570.8 million) in new US stores over the next five years.

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