Edited Press Release
LONDON -(Dow Jones)- Signet Group (NYSE:SIG) , a speciality retail jeweller, Thursday announced that its group like for like sales declined by 2.5% in the first quarter to May 3.
Total sales were up by 1.0% on a reported basis to $822.3 million (13 weeks to May 5, 2007: $814.4 million) reflecting an underlying increase of 0.7% at constant exchange rate.
The groups' total U.S. sales were down 0.2% on a reported basis to $630.9 million and its total U.K. sales were up 5.1% on a reported basis to $191.4 million.
U.S. like for like sale decline by 4.7% in the first quarter and its U.K. like for like sales were up 5.3%.
The average U.S. dollar exchange rate for the period was $1.98 /GBP1 (2007/08 Q1: $1.96/GBP1).
Terry Burman, Group Chief Executive, commented, "U.S. like for like sales were down reflecting a difficult trading environment partly offset by better weather over Valentine's Day. The results from the price increases implemented in the U.S. in February and March remain encouraging, although a full evaluation will only be completed in the summer."
In the U.K., like for like sales rose with both H.Samuel and Ernest Jones outperforming the U.K. retail sector in a demanding marketplace, he said.
(END) Dow Jones Newswires 05-08-08 0755 Copyright (c) 2008 Dow Jones & Company, Inc.
