8th Nov 2007 12:30
Signet Group PLC08 November 2007 Signet Group plc (LSE and NYSE: SIG) Embargoed until 12.30 p.m. (GMT) 8 November 2007 SIGNET LIKE FOR LIKE SALES UP 3.2% IN THIRD QUARTER Signet Group plc (LSE and NYSE: SIG), the world's largest speciality retailjeweller, today announced its sales performance for the 13 weeks and for the 39weeks to 3 November 2007. 13 WEEKS TO 3 NOVEMBER 2007 Group like for like sales rose by 3.2% in the 13 weeks to 3 November 2007. Totalsales were up by 10.0% on a reported basis to $678.7 million (13 weeks to 28October 2006: $616.8 million) reflecting an underlying increase of 7.9% atconstant exchange rates (see note 1). The breakdown of the sales performance wasas follows: +----------+------------------------+------------------------------------------+| | Sales | Change on Previous Year |+----------+----------+-------------+----------+----------------+--------------+| | $m | % of Total | Reported | At Constant | Like for || | | | |Exchange Rates | Like |+----------+----------+-------------+----------+----------------+--------------+|US | 488.1 | 71.9% | 10.1% | 10.1% | 2.5% |+----------+----------+-------------+----------+----------------+--------------+|UK | 190.6 | 28.1% | 9.9% | 2.7% | 4.8%(a) |+----------+----------+-------------+----------+----------------+--------------+|GROUP | 678.7 | 100.0% | 10.0% | 7.9% | 3.2% |+----------+----------+-------------+----------+----------------+--------------+ (a) Like for like sales: H.Samuel up by 3.5% and Ernest Jones up by 6.5%. 39 WEEKS TO 3 November 2007 Group like for like sales rose by 3.2% in the 39 week period. Total sales wereup by 9.4% on a reported basis to $2,280.6 million (39 weeks to 28 October 2006:$2,084.0 million) reflecting an underlying increase of 7.0% at constant exchangerates (see note 1). The average US dollar exchange rate for the period was £1/$2.00 (39 weeks to 28 October 2006: £1/$1.83). The breakdown of the salesperformance was as follows: +----------+------------------------+------------------------------------------+| | Sales | Change on Previous Year ||----------+----------+-------------+----------+----------------+--------------+| | $m | % of Total | Reported | At Constant | Like for || | | | |Exchange Rates | Like |+----------+----------+-------------+----------+----------------+--------------+|US | 1,705.1 | 74.8% | 8.3% | 8.3% | 2.7%(b) |+----------+----------+-------------+----------+----------------+--------------+|UK | 575.5 | 25.2% | 13.0% | 3.4% | 4.7%(c) |+----------+----------+-------------+----------+----------------+--------------+|GROUP | 2,280.6 | 100.0% | 9.4% | 7.0% | 3.2% |+----------+----------+-------------+----------+----------------+--------------+ (b) The underlying growth in US like for like sales in the 39 weeks to 3 November 2007 is estimated to have been 2.0% after adjusting for the adverse impact of weather disruption over Valentine's Day and the benefit from the timing of promotional events. (c) Like for like sales: H.Samuel up by 3.3% and Ernest Jones up by 6.4%. Terry Burman, Group Chief Executive, commented "Third quarter Group like forlike sales growth was in line with the first half. In the US, the like for likeperformance during August and September was stronger than in October. In the UK,the business again performed well, with Ernest Jones once more achieving arobust like for like sales increase. While the trading environment remains uncertain on both sides of the Atlantic, we have continued to improve the quality of execution in both businesses and arewell positioned to compete during the very important fourth quarter." Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700 Walker Boyd, Group Finance Director +44 (0) 20 7317 9700 Tom Buchanan, Brunswick +44 (0) 20 7404 5959 Signet operated 1,953 speciality retail jewellery stores at 3 November 2007;these included 1,383 stores in the US, where the Group trades as "Kay Jewelers","Jared The Galleria Of Jewelry" and under a number of regional names. At thatdate Signet operated 570 stores in the UK, where the Group trades as "H.Samuel","Ernest Jones" and "Leslie Davis". Further information on Signet is available atwww.signetgroupplc.com. See also www.kay.com, www.jared.com, www.hsamuel.co.ukand www.ernestjones.co.uk. Investor Relations Programme Details Third Quarter Results The results for the 13 and 39 week periods to 3 November 2007 are expected to beannounced at 12.30 p.m. (GMT) on Tuesday 27 November 2007. On that day therewill be a conference call chaired by Terry Burman at 2.00 p.m. (GMT) (9.00 a.m.Eastern Time and 6.00 a.m. Pacific Time) and a simultaneous audiocast availableat www.signetgroupplc.com. The details for the conference call on the resultsare: European dial-in: +44 (0) 20 7138 0839 European 48hr replay: +44 (0) 20 7138 0838 Access code: 4574130# US dial-in: +1 718 354 1362 US 48hr replay: +1 718 354 1112 Access code: 4574130# Las Vegas Store Tour, 29 November 2007 There will be a tour of a Jared and a Kay store in Las Vegas, Nevada on themorning of Thursday, November 29, 2007 for professional investors. The tour willbe hosted by Mark Light, Signet US CEO and Tim Jackson, Investor RelationsDirector. Note 1 - Impact of constant exchange rates The Group has historically used constant exchange rates to compareperiod-to-period changes in certain financial data. This is referred to as 'atconstant exchange rates' throughout this release. The Group considers this to bea useful measure for analysing and explaining changes and trends in the Group'sresults. The impact of the re-calculation of sales at constant exchange rates,including a reconciliation to the Group's GAAP sales, is shown below. 13 weeks to 3 November 2007 -------------------------------------------------------------------------------- 13 weeks to 13 weeks to Growth at Impact of At constant Growth at 3 November 28 October actual exchange exchange constant 2007 2006 exchange rate rates exchange as reported as reported rates movement (non-GAAP) rates (non-GAAP)-------------------------------------------------------------------------------- $m $m % $m $m %Sales by origin and destination--------------------------------------------------------------------------------UK, Channel Islands & Republic of Ireland 190.6 173.4 9.9 12.2 185.6 2.7--------------------------------------------------------------------------------US 488.1 443.4 10.1 - 443.4 10.1-------------------------------------------------------------------------------- 678.7 616.8 10.0 12.2 629.0 7.9-------------------------------------------------------------------------------- 39 weeks to 3 November 2007 -------------------------------------------------------------------------------- 13 weeks to 13 weeks to Growth at Impact of At constant Growth at 3 November 28 October actual exchange exchange constant 2007 2006 exchange rate rates exchange as reported as reported rates movement (non-GAAP) rates (non-GAAP)-------------------------------------------------------------------------------- $m $m % $m $m %Sales by origin and destination--------------------------------------------------------------------------------UK, Channel Islands & Republic of Ireland 575.5 509.5 13.0 47.3 556.8 3.4--------------------------------------------------------------------------------US 1,705.1 1,574.5 8.3 - 1,574.5 8.3-------------------------------------------------------------------------------- 2,280.6 2,084.0 9.4 47.3 2,131.3 7.0-------------------------------------------------------------------------------- This release includes statements which are forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995. Thesestatements, based upon management's beliefs as well as on assumptions made byand data currently available to management, appear in a number of placesthroughout this release and include statements regarding, among other things,our results of operation, financial condition, liquidity, prospects, growth,strategies and the industry in which the Company operates. Our use of the words"expects," "intends," "anticipates," "estimates," "may," "forecast,""objective," "plan" or "target," and other similar expressions are intended toidentify forward-looking statements. These forward-looking statements are notguarantees of future performance and are subject to a number of risks anduncertainties, including but not limited to general economic conditions, themerchandising, pricing and inventory policies followed by the Group, thereputation of the Group, the level of competition in the jewellery sector, theprice and availability of diamonds, gold and other precious metals, seasonalityof the Group's business and financial market risk. For a discussion of these and other risks and uncertainties which could causeactual results to differ materially, see the "Risk and Other Factors" section ofthe Company's 2006/07 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on May 4, 2007 and other filings made by the Companywith the Commission. Actual results may differ materially from those anticipatedin such forward-looking statements even if experience or future changes make itclear that any projected results expressed or implied therein may not berealised. The Company undertakes no obligation to update or revise anyforward-looking statements to reflect subsequent events or circumstances. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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