Signet’s second quarter of fiscal 2011 closed with 1.7 percent increase in revenues to $722.8 million. Net income valued $40.7 million rising 47 percent (y-o-y) with 1.2 percent drop in cost of sales helping gross margin improve by 200 basis points. %% U.S. sales rose 5.1 percent to $580.8 million, while same-store sales rose 5.9 percent. Average unit selling price across all store brands valued 4.7 percent to $407. %% In the U.K., sales dipped 1.8 percent (in local currency) and same-store sales fell 0.4 percent. Average unit selling prices increased 12 percent. Gross margin was down by 30 basis points following a stronger dollar, surging gold prices and higher tax rates. The retailer is considering a cautious outlook for the rest of the year, and has planned increasing its efforts in advertising and merchandise in the season of Christmas.