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Friday, 9th June 2006 (3822 views)

Signet has seen its profits increase by ten per cent in its latest quarterly results, as the firm made more than £30 million.

The retail jeweller, which claims to be the world's largest, said tat the 13 weeks to April 29th had netted sales worth £419.6 million, up 13.7 per cent, as the figures pointed to strong growth.

With the position of Mother's Day in the US calendar also said to have adversely affected the figures by up to £1.5 million, the firm sounded a bullish note for the prospects in the market.

Chief executive Terry Burman commented: "Like for like sales increased by 2.8 per cent. This was a good performance given the adverse impact of the timing change of Mother's Day in the US and the continuation of demanding trading conditions in the UK."

In the UK the firm's H.Samuel arm saw sales dip by 2.4 per cent, while Ernest Jones' figures were up by 1.3 per cent.

Signet operates more than 1,800 speciality retail jewellery stores.

 

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