Transatlantic jewellery giant Signet has revealed a strong performance in the UK in the first quarter, but has been dragged back by its US business.
In the 13 weeks to May 3, group like-for-likes were down 2.5 per cent, driven by a 4.7 per cent fall in the US, which represents more than three quarters of group sales. Total group sales rose 0.7 per cent at constant exchange rates.
However, UK chains H Samuel and Ernest Jones did well with a 5.3 per cent rise in like-for-likes. Signet chief executive Terry Burman said the chains “outperformed the UK retail sector in a demanding marketplace”.
Burman attributed the fall in the US down to the country’s challenging retail environment, but said that he was encouraged by the results of price increases implemented in the US in February and March.
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