US like-for-like sales rose 8.8 per cent in the 13 weeks to July 30. Total sales for the country reached£260 million. In marked contrast, at the retailer's UK brands, H Samuel and Ernest Jones, combined like-for-like sales plunged 9.3 per cent. Total UK sales for the period reached£92 million, a decline of 9.1 per cent against the year before.
However, the split in combined sales is 70:30 in favour of the US, leaving the group with a healthy like-for-like increase of 3.3 per cent and total sales of£352.4 million, up 6.4 per cent on the same period last year.
Group chief executive Terry Burman said: The period illustrated the benefit the group derived from its US/UK sales mix. Our UK business performed particularly well, which compensated for very difficult sales in the UK.
Seymour Pierce analyst Rhys Williams welcomed the overall strong performance of the group and even acknowledged the value of the UK brands.
He said: 'Overall, a solid set of numbers boosted by a strong display from the US. Signet remains a well-managed company, which over the long term, should benefit from operating strong, well regarded brands on both sides of the Atlantic.'
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