Signet, the jewellery retailer formerly known as Ratners, today shrugged off worries about the slowing US economy to say it had seen record sales during the past year.
The US now accounts for 71% of the group’s sales, and had contributed like-for-like growth, excluding income from new and refurbished stores, of 5.9% over the year to January 27.
In the UK, where Signet is best known for its H Samuel and Ernest Jones chains, sales were up 8.6% on last year on a like-for-like basis.
But in the fourth quarter of the year, to the same date, US sales rose by just 1.1%, as the slowing US economy began to have an impact. In the UK, sales were up 7.9% in the same quarterly period.
Chief executive Terry Burman said: “It is pleasing to announce record sales for the year. “During the quarter the US business demonstrated resilience, and increased market share, against the background of a marked slowdown in the economy,” he added.
Group sales over the year totalled £1.38bn in the quarter, up 6.8% respectively on the previous year, on a like-for-like basis. During the fourth quarter, sales were up 3.3% to £595.8m.
The sales update comes ahead of the London-based group’s full-year results, which are due to be published on March 28.
Signet’s shares lifted 2% on the news, up 1p to 70p, during trading on the London Stock Exchange.
EGi News 08/02/01
