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Signet reports Q2 sales
03
Sep '08
Signet Group plc, the world's largest speciality retail jeweller, announced its sales performance for the 13 and 26 weeks ended 2 August 2008.

Group like for like sales fell 4.5% in the 13 week period. Total sales were down 2.4% on a reported basis to $768.6 million (13 weeks to 4 August 2007: $787.4 million) reflecting an underlying decrease of 1.9% at constant exchange rates.

Group like for like sales were down by 3.4% in the 26 week period. Total sales were down 0.7% on a reported basis to $1,591.1 million (26 weeks to 4 August 2007: $1,601.8 million) reflecting an underlying decrease of 0.5% at constant exchange rates.

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.”

Signet Group plc


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