US revival puts a shine on Signet
13 April 2012
SIGNET, the jewellery retailer that counts H Samuel and Ernest Jones among its stores, has posted a sharp increase in sales growth in the US, its key market.
Like-for-like revenues in the US climbed 3.1% in the 13 weeks to 2 August, at the top end of expectations. That compares with 1.1% growth in the preceding three months. Sales growth in the UK slowed to 3.8%, from 5.4% in the first quarter.
Overall like-for-like sales growth accelerated to 3.4% from 2.2% in the first quarter. Total sales rose to £324.4m. That's up 5.2% on the year-earlier period at constant exchange rates, but down 1.1% at actual rates, reflecting the weakening of the dollar against the pound.
