Signet shines despite US setback

SIGNET, the world's largest jewellery retailer, said like-for-like US sales dropped 4.4% in the 13 weeks to 27 October. However, the decline was largely offset by strong growth of 7.2% at the 600 British stores, which operate under the H Samuel, Ernest Jones and Leslie Davis names.

Ernest Jones sales were particularly strong with 12% like-for-like growth. Group sales edged down 0.9%. For the year to date, group sales are up 0.9% with the US figure down 2.3% and Britain ahead by 9.1%.

Chief Executive Terry Burman said the outlook had become more uncertain since the 11 September terrorist attacks. 'The outcome for the year as a whole will be dependent on trading conditions during the critically important fourth quarter,' he added. The shares were ahead 9 1/2p at 74p.