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By
Reuters
Published
Jun 4, 2009
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Signet posts higher quarterly profit on cost cuts

By
Reuters
Published
Jun 4, 2009

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


Kay Jewelers, a Signet Jewelers Ltd company

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)

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