Signet low on sales in the US

The Signet Group has announced its results for first quarter ending May 3, 2008. Unable to reach a good sales which rose by a mere 1 percent Y-o-Y, its quarter profit decreased by 24 percent amounting to $38.6million. The US markets are the company’s sales earners, and the economic slowdown did not prove good for the US sales as it was flat at $631.1million. Signet’s same-store sales fell by 2.5 percent. The low sales in the US have led to a lower operating margin.

The UK, which accounts for 26 percent of total Group sales, fetched an increase of 4 percent at constant exchange rates. Although the company is not betting to see an increase in the like-for- like at this level. The company recorded its operating profit for the period at $45.5million.