Ernest Jones and H.Samuel see same store sales drop by 7% in the most recent quarter

Ernest Jones

Same store sales at Ernest Jones and H.Samuel were down by 7% to $113.9 million (£95m) in the 13 week period ending August 3.

At constant exchange rates for the dollar-based accounts, sales were down by 8.9% due to the weakness of the pound compared to a year earlier.

Average transaction values were flat across both chains and unit sales declined across all categories and continued to reflect a difficult operating environment in the UK, a financial report from parent company Signet Jewelers says.

Story continues below

The UK chains lost $1 million in the quarter, an improvement over the $1.9 million lost in the same period last year, although last year there was a restructuring charge related to inventory that the company discontinued as part of its transformation plan of $63.2 million. This inventory-related charge was dramatically lower at $4.4 million in the most recent figures.

There have been four store closures for Ernest Jones in the past 12 months, and a further four closures for H.Samuel.

In a forward-looking statement, the group said it expects global same store sales to show a further decline of between 1-2% in the coming year, but did not make a comment on the UK market specifically.

Leave a Response

Tags : ernest jonesH SamuelSignet Jewelers
Rob Corder

The author Rob Corder