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Signet 3Q same-store U.S. sales down 2.4 percent

November 05, 2009

Hamilton, Bermuda--U.S. sales fell 1.7 percent in the third quarter for Signet Jewelers Ltd., operator of the Kay Jewelers and Jared The Galleria Of Jewelry stores.

According to earnings released by the company on Thursday, U.S. sales, which comprise 74.9 percent of the group's total, equaled $459.3 million in the 13-week period ended Oct. 31.

U.S. same-store sales during this time were down 2.4 percent, an improvement over the second quarter when Signet's U.S. same-store sales fell 5.5 percent.

Overall, third-quarter sales for Signet, which also operates 554 stores in the United Kingdom under the brands H. Samuel, Ernest Jones and Leslie Davis, totaled $613.6 million, a 2.5 percent decline (0.2 percent on a constant exchange rate basis).

Commenting on the earnings, Signet Chief Executive Terry Burman said in the release, "The sales performance in the third quarter saw an improvement over that of the second quarter. Same-store sales were broadly consistent through the period in both markets."

He noted specifically that Jared The Galleria Of Jewelry stores were "showing some early signs of a slowing sales decline."

"Signet is well prepared for the very important holiday season," Burman added. "However, the outlook on both sides of the Atlantic remains very uncertain."

Also released on Thursday were the company's results for the 39-week period ended Oct. 31.

U.S. sales totaled $1,637 million, a 2.2 percent decline on both an actual and constant exchange rate basis.

Same-store U.S. sales were down 3.5 percent for the period.

Overall, Signet's sales totaled $2,087 million, a 6 percent decline (1.6 percent on a constant exchange rate basis), and same-store sales slipped 3.4 percent.

Signet operated 1,948 jewelry stores as of Oct. 31: 554 in the United Kingdom and 1,394 in the United States under the Kay and Jared brands, as well as a number of regional brands.
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