Signet’s same store sales dip drastically in holiday season

The holiday season of nine weeks till January 3, 2009, did not earn good results for Signet Jewelers Ltd, which saw its total sales fall by 19.4 percent as reported (13.1 percent at constant exchange rates). Its group same store sales dropped by 15.2 percent during the period.

Market-wise, same store sales in the US, which accounts for around 75 percent of group sales, slipped down by 16.4 percent, while its total sales fell by 14 percent. In the UK, store sales dropped a little less by 10.9 percent, and its total sales fell by 33.4 percent (9.7 percent at constant exchange rates). The company has reported a gross merchandise margin to be more than last year. The company is also reported to have controlled its costs.

The yearly account also sows a decline in same store sales by 8.1 percent, while total sales dropped by 8.3 percent.