The Wall Street Journal-20080111-Signet Group PLC- Retailer Sees 6-8- Drop In Comparable Sales

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Signet Group PLC: Retailer Sees 6.8% Drop In Comparable Sales

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The United Kingdom-based retailer Signet Group PLC, which owns the U.S. chains Kay Jewelers and Jared the Galleria of Jewelry, reported a 6.8% year-to-year drop in comparable sales for the weeks leading up to Christmas. It warned that annual pretax profit may fall as much as 18%, hurt by a consumer-spending downturn, particularly in the U.S., which accounts for about 75% of sales. The comparable-sales figures, for stores open at least a year, covered the eight weeks ended Dec. 29. U.S. comparable sales dropped 8.1%, with U.K. sales down 3.1%. Total sales fell 2.8%.