Retail jewellery giant Signet’s UK like-for-likes dropped over Christmas as the snow impacted sales.
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UK like-for-likes slumped by 4.2% in the 9 weeks to January 1, where the group operates the H Samuel and Ernest Jones fascias.
Strong US sales, where like-for-likes were up 11.7%, covered the shortfall resulting in a 8.1% increase in like-for-likes across the group.
Signet chief executive Terry Burman said: “The UK was negatively impacted by exceptionally adverse winter weather; however divisional management maintained very good control of gross merchandise margin and costs.”
For the financial year ending January 29, sales were down 1.7% in the UK but up 6.6% across the group. The jeweller said it was “well-positioned” for the next financial year and had a “pipeline of new initiatives”.
New chief executive Mike Barnes, former Fossil chief operating officer, takes over from Burman on January 30, the beginning of Signet’s new financial year.
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