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Signet sees like-for-like sales dip in second quarter

Global jewellery retail business Signet, the parent company of the H Samuel and Ernest Jones fascias in the UK, saw like-for-like (same store) sales fall by 1.5% in the 13 weeks ended August 3, 2019.

Ecommerce sales increased by 4.4% during the period while non like-for-like sales fell by 1.9%.

In its international business, which includes the UK, Signet reported a fall in like-for-like sales of 7% while non like-for-likes also dipped but by a more marginal 1.9%.

The business said these results, which also saw ATV remain flat and the number of transactions decreasing by 6.8%, reflected “a difficult operating environment in the UK”.

Signet chief executive Virginia C Drosos, said: “We continue to gain traction on our transformation initiatives and delivered second quarter results that exceeded our same store sales, non-GAAP operating profit, and non-GAAP earnings per share expectations.

“Our continuing cost control and disciplined inventory management also led to improved adjusted free cash flow generation in both the second quarter as well as year to date. We remain on track to deliver our full year non-GAAP financial guidance.

“As we enter the competitive holiday season, we believe we are positioned to execute our product strategy by launching additional flagship brands, delivering relevant on-trend new merchandise and offering a highly competitive assortment for value-oriented shoppers.

“We remain focused on delivering our Path to Brilliance transformation designed to drive sustainable growth and create value for our shareholders over the long-term.”

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