Signet sales up 1 percent in 2004

Sales at Signet, the United Kingdom-based jewelry group of which U.S. chain Sterling is a subsidiary, increased 1 percent in its fiscal year ending Jan. 29 , totaling $3 billion.

Same-store sales in the U.K. increased 3 percent, according to a statement released Wednesday by Signet, while same-store sales in the United States increased by 5.9 percent. Operating margins in the United States increased 13.4 percent and the group saw a 7.2 percent increase in its market share.

"The 12 percent increase in profit before tax and constant exchange rates further extends the group's growth record and reflects the consistent success of our strategies on both sides of the Atlantic," Group Chief Executive Officer Terry Burman said in the company's release.

In other news, Signet announced Wednesday that Chairman James McAdam, will retire from its board before June 2006 and that it has appointed Chief Executive Rob Anderson as board executive director.

Signet operates 1,758 retail jewelry stores, including 1,156 in the United States under the names Kay Jewelers, Jared the Galleria of Jewelry and other regional stores.