Signet’s sales continue to fall in Q4

UK group like-for-like sales at Signet, which trades as H Samuel and Ernest Jones, continued to spiral in the fourth quarter, with sales falling 9.2% to $261.4m (£178.9m) in the 13 weeks to January 31. Like-for-likes dropped 7.8% at H Samuel and 11% at Ernest Jones in the same period.

Signet also delivered negative UK like-for-likes in the UK for the 52 weeks to January 31. Total UK sales were down 3.3%, with H Samuel’s sales down 2.6% in the period on last year and Ernest Jones recording a decline of 4%.

The UK arm of Signet performed better than its US division, but both sectors failed to deliver in tough economic climates. Total group sales fell 14.9% in the fourth quarter.

Signet group chief executive Terry Burman said: “The UK division experienced trading conditions similar to those in the US, with both H Samuel and Ernest Jones reporting a step down in sales performance compared to the first nine months of the year. Therefore on both sides of the Atlantic, we are reducing costs and focusing on cash generation.”

Signet is planning to make job cuts at its UK head office and is currently in consultation with staff. The retailer is expected to make a decision on redundancies in the middle of this month.

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