Signet Group sales increased 2.8 percent in the first quarter ended April 29, with U.K. sales flagging and U.S. same-store sales not as high as hoped, the United Kingdom-based specialty jeweller reports.

Total sales for the company increased 13.7 percent (7.2 percent at constant exchange rates) for the quarter to $775.7 million. Total sales in the United States, which make up 78.2 percent of total sales, increased 18.1 percent (9.4 percent at constant exchange rates) to $606.7 million. U.S. same-store sales increased 3.9 percent.

In a statement, the company said that a shift in the timing of Mother's Day hurt total U.S. sales, which would have been 3 percent higher otherwise.

“In the U.K., the general retail environment remains challenging and divisional with like-for-like sales showing a small decrease of 0.7 percent,” Signet Chief Executive Terry Burman said in the statement.

At the end of the quarter, Signet operated 1,837 specialty retail stores, including 1,246 stores in the U.S. under the names Kay Jewelers, Jared the Galleria of Jewelry and several regional brands. The company also runs 591 U.S. stores under the names H. Samuel, Ernest Jones and Leslie Davis.

Source : nationaljeweler.com

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