Signet halves UK losses

Signet, the company that owns jewellery businesses H Samuel and Ernest Jones, has announced that it has more than halved its UK losses. Thanks to improved sales on the high street in the three months ended 28 October, the group - which also operates US based Kay Jewelers and Jared the Galleria of Jewellery - managed to reduce operating losses at its UK division to £1.1 million, compared with losses of £2.5 million during the same quarter the year before. UK like-for-like sales increased 3 percent during the quarter. Group sales for the three months to 28 October gained 5.7 percent to £328.2 million, while pre-tax profits rose to £3.8 million, up from £3.0 million. "Group profit before tax in the nine months to date was 12.7 percent ahead of last year," chief executive Terry Burman said in a statement. "Our US division continued to trade well. Despite trading conditions remaining difficult in the UK jewellery sector, our stores have shown an improved performance in the third quarter." Burman said that the US and the UK are "in good shape and well placed to compete" but added that full year results would depend on the outcome of the fourth quarter, which accounts for 40 percent of total sales.