By  on September 18, 2009

Despite lower second-quarter sales, Signet Jewelers Ltd. boosted profits 40.1 percent with cost cuts totaling $56.6 million.

The Bermuda-based parent of Kay Jewelers and Jared The Galleria of Jewelry said earnings for the quarter ended Aug. 1 grew to $27.6 million, or 32 cents a share, from $19.7 million, or 23 cents, a year earlier. Sales slid 7.6 percent to $710.8 million from $768.9 million. Comparable-store sales fell 5.3 percent.

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