For Signet, the first fiscal quarter of 2011 generated 6.2 percent increase in sales year over year to $810 million. The said three months ended May 1, 2010. The retailer’s same-store sales rose 5.8 percent, net income 98 percent to $52 million. Although, total inventory dipped by 15 percent to $1.1 billion. All figures are comparable to year ago figures of the corresponding period. In the said three months of 2010, net cash valued $170.8 million and net debt at $276.3 million. %% Signet's sales at its U.S. division increased 6.8 percent year over year to $667.1 million and same-store sales by 7.2 percent. There was a 5 percent increase in the average unit selling price valuing to $380, excluding charm bracelets. In the U.K. sales in dollar terms increased 3.8 percent year over year to $142.9 million, while same-store sales remained flat, by declining 0.2 percent. Here, the average unit selling price rose 11 percent to $129, excluding charm bracelets. The company attributes the higher unit selling prices to price increases and its merchandise mix changes. %% In the U.S. the company’s gross merchandise margin rose by 90 basis points, due to price increases in the quarter, lower average diamond inventory costs and changes in sales mix, offsetting the higher cost of gold. In the U.K., the gross merchandise margin dropped 100 basis points, with rise in cost of gold, higher rate of value-added tax (VAT) rate and effects of weak pound-sterling-to-dollar exchange rate being partly offset by price changes.