U.S. sales looking up for Sterling

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U.S. sales looking up for Sterling

May 07, 2009

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Hamilton, Bermuda--First-quarter same-store sales slid less than 3 percent for mega-retailer Sterling Jewelers Inc., a marked improvement for a chain that, like so many others, has struggled with declining sales due to the recession.

According to a media release issued by Sterling's parent company Signet Jewelers Ltd., which operates jewelry stores in both the United States and the United Kingdom, sales for Sterling totaled $624.8 million for the 13 weeks ended May 2, a decline of only 2.6 percent.

Sterling operates Kay Jewelers and Jared The Galleria Of Jewelry stores, as well as a number of regional brands.

Signet Chief Executive Terry Burman said it was an "encouraging performance" compared with the fourth quarter of fiscal 2009, when U.S. same-store sales fell 16.1 percent.

"Valentine's Day trading was stronger than the remainder of the period, with differentiated merchandise performing particularly well. While Kay achieved an increase in same-store sales, Jared was adversely affected by the general weakness in spending among households with above-average income," he said in the release.

For Signet as a whole, same-store sales declined 2.9 percent for the period. Total sales were down 7.3 percent to $762.6 million on a reported basis (down 1.1 percent on a constant-exchange-rate basis).

Same-store sales for the United States outperformed those in the United Kingdom, where Signet operates the H. Samuel, Ernest Jones and Leslie Davis brands. According to the release, U.K. same-store sales slid 4.2 percent, compared with only a 2.6 percent slide in the United States.

As of May 2, Signet operated 1,957 jewelry stores, including 1,400 U.S. stores and 557 stores in the United Kingdom.

Full first-quarter earnings results for the 13 weeks ended May 2 are slated to be announced on June 4.

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