Signet’s like for like sales
by Jo Black
Signet Group plc, the world’s largest speciality retail jeweller, today announced its sales performance for the 13 weeks to 3 May 2008.
Group like for like sales declined by 2.5% in the first quarter. Total sales were up by 1.0% on a reported basis to $822.3 million (13 weeks to 5 May 2007: $814.4 million) reflecting an underlying increase of 0.7% at constant exchange rates. The average US dollar exchange rate for the period was $1.98/£1 (2007/08 Q1: $1.96/£1).
Terry Burman, Group Chief Executive, said, US like for like sales were down 4.7%, reflecting a difficult trading environment partly offset by better weather over Valentine’s Day. The results from the price increases implemented in the US in February and March remain encouraging, although a full evaluation will only be completed in the summer. In the UK, like for like sales rose by 5.3%, with both H.Samuel and Ernest Jones outperforming the UK retail sector in a demanding marketplace.
Source : http://www.signetgroupplc.com/
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