Signet low on sales in the US

Y-o-Y sales increased by 1percent for the quarter
Signet low on sales in the US

The Signet Group has announced its results for first quarter ending May 3, 2008. Unable to reach a good sales which rose by a mere 1 percent Y-o-Y, its quarter profit decreased by 24 percent amounting to $38.6million. The US markets are the company’s sales earners, and the economic slowdown did not prove good for the US sales as it was flat at $631.1million. Signet’s same-store sales fell by 2.5 percent. The low sales in the US have led to a lower operating margin.

The UK, which accounts for 26 percent of total Group sales, fetched an increase of 4 percent at constant exchange rates. Although the company is not betting to see an increase in the like-for- like at this level. The company recorded its operating profit for the period at $45.5million.

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