Signet’s sales increase by only 1 percent

Signet Group Plc, has reportedly faced a decline in its like-for-like sales, especially in the US, for the first quarter ended May 3, 2008. While overall results for its like-for-like sales showed a dip of 2.5 percent, in the US it showed a decline of 4.7 percent. The ongoing slump in the US markets has eaten into expectations of increased figures.

Signet’s total sales increased by 1 percent amounting to $822.3 million. The corresponding figures in 2007 were $814.4 million. In the US although the like-for-like sales fell, Valentine's Day helped increase the slow sales. In the UK, Signet’s like-for-like sales scaled by 5.3 percent, with outstanding results from H.Samuel and Ernest Jones. Signet had increased its prices in the US during February and March, which at the moment seem encouraging.