Signet confirms Q1 rise

Specialty jewlry retailer Signet Group plc announces its first quarter results for the period from 30 January to 30 April 2005. Group profit before tax was £27.9 million (Q1 2004/05: £26.1 million), up by 9.4 percent at constant exchange rates. Total sales were £369.2 million (Q1 2004/05: £351.9 million), up by 7.0 percent at constant exchange rates and by 4.9 percent on a reported basis.

In the United Kingdom (circa 30% of Group annual sales) the period saw a marked deterioration in the general retail environment. Consequently like for like sales fell by 6.2 percent resulting in an operating loss of £0.4 million (Q1 2004/05: profit £2.6 million). Total sales were £91.3 million (Q1 2004/05: £96.1 million) and gross margin showed an increase. H.Samuel's like for like sales were down 6.4 percent and those of Ernest Jones down 6.0 percent. Both chains saw a further increase of diamonds in the sales mix.