Signet Rings Up a Shiny Set of Sales Statistics
Signet, the former Ratners jewellery retailer, set out sparkling interim results yesterday - but promptly caused confusion over whether it believed the performance was likely to continue.
A record performance on both sides of the Atlantic saw pre-tax profits rise by virtually 70 per cent to pounds 38.7 million in the six months to July 29, compared with pounds 22.9 million last time. This was based on sales up 17.6 per cent at pounds 525.7 million, compared with pounds 447 million.
On a like-for-like basis - stripping out the effect of new shops - sales rose by ten per cent.
Group like-for-like sales, stripping out the effect of new store openings, were up by slightly more.
Signet's statement went on to say that the last three months of this year would be more challenging as retailers were unlikely to match last year's millennium-driven sales boom.
Chief executive Mr Terry Burman was keen to play down the Anglo-American company's cautious comments. …