Signet sales rise

Transatlantic jeweller giant Signet has revealed first-quarter like-for-like sales up 2.8 per cent, boosted by a strong US performance. Group sales for the quarter were£419.6 million.

For the 13 weeks to April 29, UK like-for-likes were down 0.7 per cent, compared to a 3.9 per cent increase at the US division.

Like-for-like sales at Signet's H Samuel chain fell 2.4 per cent, but were up 1.3 per cent at Ernest Jones.

Seymour Pierce analyst Richard Ratner said: 'In the UK, overall sales were flat, which is a considerable improvement on the last financial year.'

Group chief executive Terry Burman said: 'The US division had a strong first quarter with underlying like-for-like sales up 7 per cent after taking account of the change in timing in Mothers' Day. In the UK, the general retail environment remains challenging.'

Signet runs 1,246 stores stateside and 591 in the UK.