Signet reports fall in like-for-like sales in UK
Signet Jewelers, the owner of Ernest Jones and H Samuel, saw like-for-like sales at its UK division fall by 0.9% in the third quarter of its financial year.
In the 13 weeks to 2 November, like-for-like sales at H Samuel dropped by 2.2% while total sales fell by 1.3% to $73.1 million.
At Ernest Jones, like-for-like sales edged up 0.6% in the quarter and total sales fell by 0.5% to $66.2 million.
Total sales at the UK division dropped by 0.9% to $139.3 million.
Signet said that bridal and diamond sales increased in the UK in the third quarter. The number of transactions also increased, although the average transaction value declined. While watch sales were strong at Ernest Jones, the chain was impacted by Rolex watches being offered in fewer stores.
E-commerce sales in the UK were $6.6 million compared to $5.1 million in third quarter of the previous year.
In the US division like-for-like sales rose by 4.2% as total sales rose by 9.8% to $632.1 million.
Across the Signet Jewelers group, like-for-like sales increased by 3.2% while total sales grew by 7.7% to $771.4 million.
Mike Barnes, Signet chief executive, said: "We believe we are well-prepared for the holiday season. Our talented sales teams are well-trained and ready to provide customers with an outstanding shopping experience. Our compelling merchandise assortments will be supported by new, innovative advertising campaigns together with a variety of technology initiatives. Collectively, these competitive strengths have us well-positioned for the fourth quarter."
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