Signet sales down 7.5 percent for 2Q-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Signet sales down 7.5 percent for 2Q

8/6/2009 3:46:00 PM

Hamilton, Bermuda--Same-store sales for Signet Jewelers fell 5.3 percent, and total sales slipped 7.5 percent for the second fiscal quarter ended Aug. 1, with the U.S. market backsliding a bit compared with the first quarter, according to a new quarterly financial report released on Thursday.

Overall second-quarter sales for the jeweler, which operates Kay Jewelers and Jared the Galleria of Jewelry in the United States as well as several chains in the United Kingdom, totaled $710.9 million.

Sales in the U.S. market, which represent 78 percent of overall sales, totaled $552.5 million, a sales decrease of 4 percent compared with the second quarter of 2008, while sales in the United Kingdom totaled $158.4 million, a drop of 18.1 percent over the previous year's second quarter (but only a 0.4 percent decrease if exchange rates were held constant).

Total group sales for the second quarter fell only 3.2 percent over the second quarter of 2008, if exchange rates were held constant.

Broken down geographically, same-store sales fell further in the U.S. market than they did in the U.K. market.

"U.S. same-store sales were down 5.5 percent in the second quarter, slowing a little from that of the first quarter after the Valentine's Day period," Signet Jewelers Chief Executive Terry Burman said in the release. "In the United Kingdom, same-store sales were down 4.3 percent, in line with the first quarter. While the outlook on both sides of the Atlantic remains uncertain, the group will continue to seek to capitalize on market share opportunities with a strong focus on customer service and merchandise initiatives."

For the 26-week period, sales totaled $1.47 billion, with same-store sales down 4 percent, and total sales dropping 7.4 percent compared with the same period in 2008.

After double-digit decreases over the 2008 holiday season, Signet fared a bit better in the first quarter when same-store sales fell only 2.9 percent for the period ended May 2. For Signet's U.S. division, first-quarter same-store sales were down 2.6 percent, and total sales were down 1 percent to $624.9 million, compared with the same period in 2008.

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