Jewellery increase makes Signet sparkle

By THIS IS MONEY
Updated:

 

A sharp improvement in third-quarter trading since the half year at UK jewellery chains H Samuel and Ernest Jones bodes well for a cheery Christmas, Signet chairman Jim McAdam said today.

Sales have grown from their poor level of the first six months and profits are better than this time last year, he added. Like-for-like sales in the 13 weeks to 30 October increased by 3% while operating results improved by £1.9 million to a £1 million profit against a £900,000 loss last time.

The gross margin is being maintained.

'We are well prepared for our critical Christmas season and take encouragement from the strong performance in the first nine months,' said McAdam.

Groupwide, pre-tax profit rose by £14.5 million to £28.5 million for the nine months to 30 October, boosted by a £39 million contribution (up £11.3 million) from the US where spending per head on jewellery is four times that in Britain. In the 13 weeks, taxable group profits rose by £3.7 million to £5.6 million on like-for-like sales up 6% and total sales up 12%.

UK operating profits for the nine months-period were £100,000 compared with a £400,000 operating loss last time.

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