Signet Jewelers witnessed a 2 percent increase in its net income for the first quarter ending May 2, 2009. Net income amounted to $26.3 million, although sales decreased by 7 percent to $762.6 million. The retailer’s same-store sales dipped by 2.9 percent. %% The retailer believes that performance has been satisfactory to meet its financial objectives for fiscal 2010. The retailer has undertaken cost cutting, slashing its expenses by $100 million in fiscal 2009, cutting selling, general and administration expenses by 11 percent to $232.8 million in the first quarter. Its cost of sales decreased by 7 percent to $507.1 million, while net debt amounted to $290.2 million in the said three months, from $377 million worth of debt in the same period last year. %% The retailer’s sales in the U.K decreased by by 28.1 percent to $137.7 million and same-store sales fell by 4.2 percent. In the U.S. the retailer’s sales fell by 1 percent to $624.9 million, and same-store sales decreased by 2.6 percent.