Signet 2005 Like for Like Sales Increase 2.4%

Signet’s sales for the year ended January 28 increased by 8.5 percent to £1,752.4 million ($3108 million), at constant exchange rates sales were up by 6.1 percent. Group like for like sales rose by 2.4 percent.

UK sales, which represented 26.8 percent of total sales, decreased 7.5 percent (at constant exchange rates) to £469.7 million ($833.1 million). U.S. sales increased by 12.1 percent (at constant exchange) rates to £1,282.7 million ($2284 million). Like for like sales in the UK decreased 8.2 percent, while like for like sales in the U.S. rose by 7.1 percent.

Terry Burman, Signet chief executive, commented, “In the fourth quarter, the US business again significantly outperformed its main competition with like for like sales up by 6.4 percent. In the UK, trading conditions remained difficult and like for like sales declined by 8.6 percent.

For the year as a whole, the group benefited from a combination of strong space and like for like sales growth in the United States which more than offset the effect of the trading environment in the UK.”

For the thirteen week period to January 28, group sales increased by 12.8 percent to £719.1 million ($1276 million); at constant exchange rates sales were up by 5.5 percent. Like for like sales rose by 1.8 percent.

UK sales, which represented 27.3 percent of total sales, were £196 million ($348 million), a decrease of 8 percent at constant exchange rates. U.S. sales increased by 11.6 percent at constant exchange rates to £523.1 million ($927.8 million).

Signet operates 1,814 specialty retail jewelry stores in the US and in the UK.