Kay Jewelers lifts Signet sales, but British stores lag

Thu Aug 29, 2013 7:19am EDT

Aug 29 (Reuters) - Signet Jewelers Ltd reported higher second-quarter sales on Thursday as shoppers spent more per visit at its Kay Jewelers and Jared stores in the United States, but business at its British stores slipped.

Total sales rose 3.1 percent to $880.2 million, and same-store sales, or sales at stores open at least a year, increased 3.6 percent. At Kay, a moderately priced chain that accounts for about one-half of sales, same-store sales were up 5.8 percent.

Signet's British chains such as H. Samuel that generate almost one-fifth of sales continued to struggle, with same-store sales down 2.4 percent.

Net income fell to $67.4 million, or 84 cents per share, for the quarter ended Aug. 3, from $70.7 million, or 85 cents per share, a year earlier as Signet integrated the Ultra Stores chain it bought last year to enter the bargain outlets business.

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