Wednesday, 1st September 2004 (4027 views)

Signet has posted strong sales for the first half of the year, with group sales up 10 per cent to sit at £671.7 million.

The group, which owns high street jewellers H Samuel, has performed well in both the UK and US, with profit before tax up 27.1 per cent at constant exchange rates.

"The US division continued to gain market share, driven by an 8.2 per cent increase in like-for-like sales and new store openings," chief executive Terry Burman told Retail Bulletin. "In the UK our business again outperformed the retail market with like-for-like sales up 5.5 per cent."

H Samuel saw an increase in like-for-like sales of 3.6 per cent, while Ernest Jones was up 7.9 per cent and both chains also saw strong Valentine's Day sales. Diamond sales rose significantly following improvements to the range.

A new store format has been rolled out to 53 stores in total, and by Christmas, 147 will be operating under the new format.

"Our businesses continue to implement a range of initiatives and are well positioned to compete during the important Christmas season," commented Mr Burman.

 

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