Signet Group 1Q same-store sales fall on weak US results

Signet Group PLC, the world's largest owner of jewelry stores and the parent of Kay Jewelers, said Thursday same-store sales fell 2.5 percent in the first quarter, hurt by weak U.S. sales.

The London-based company said for the 13 weeks ended May 3, same-store sales fell 4.7 percent in the U.S. and rose 5.3 percent in the U.K.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance because it measures growth at existing stores rather than newly opened ones.

Total sales rose 1 percent to $822.3 million.

The company said the U.S. had a "difficult trading environment," partly mitigated by better weather around Valentine's Day. In the U.K., the company said its H. Samuel and Ernest Jones stores performed well.