UPDATE 1-Signet posts higher quarterly profit on cost cuts

* Q1 EPS 31 cents vs year-earlier 30 cents

* Cost cuts offset weak jewelry sales

* Q1 sales fall 7.3 pct

NEW YORK, June 4 (Reuters) - Top jewelry retailer Signet Jewelers Ltd (SIG.N) reported a higher quarterly profit on Thursday as cost-cutting offset weak jewelry sales.

The company, which runs Kay Jewelers and Jared The Galleria of Jewelry stores in the United States, and Ernest Jones and H Samuel in Britain, said its initiatives to improve operational efficiency also helped it gain market share in the quarter.

Signet reported a net profit of $26.3 million, or 31 cents a share, for the first quarter that ended May 2, compared with $25.7 million, or 30 cents a share, a year earlier.

Sales at the retailer of gold, silver, diamond and gemstone jewelry, watches, collectibles and gifts fell 7.3 percent to $762.6 million.

In March, Signet announced plans to cut costs, delay new store openings and reduce its net debt by around $200 million this fiscal year. (Reporting by Dhanya Skariachan, editing by Maureen Bavdek)