3rd Feb 2005 12:30
Signet Group PLC03 February 2005 Embargoed until 12.30 p.m. (GMT) 3 February 2005 SIGNET'S FOURTH QUARTER LIKE FOR LIKE SALES UP 3.6% Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retailjeweller, today announced its sales performance for the 13 weeks and year ended29 January 2005. 13 WEEKS TO 29 JANUARY 2005 Group like for like sales rose by 3.6% in the 13 weeks to 29 January 2005. Totalsales were up by 6.1% at constant exchange rates (see Note 1); at actualexchange rates, reflecting the weakening of the US dollar, sales increased by0.5% to £654.9 million (2003/04: £651.6 million restated, see Note 1). Sales Change on Previous Year ------ ------------------------- £m % of Total Total Like for Like US 439.0 67.0 -0.1% (a) +4.7%UK 215.9 33.0 +1.8% +1.4% (b)GROUP 654.9 100.0 +0.5% (c) +3.6% (a) At constant exchange rates US total sales increased by 8.3%.(b) H.Samuel like for like sales were up by 0.6% and Ernest Jones up by 2.5%.(c) At constant exchange rates Group total sales increased by 6.1%. 52 WEEKS TO 29 JANUARY 2005 Group like for like sales rose by 5.0% in the 52 weeks to 29 January 2005. Totalsales were up by 7.7% at constant exchange rates (see Note 1); at actualexchange rates the increase was 0.5% to £1,618.6 million (2003/04: £1,609.9million restated), the US dollar having weakened from $1.68/£1 to $1.86/£1. Sales Change on Previous Year ------ ------------------------- £m % of Total Total Like for Like US 1,104.1 68.2 -0.4% (d) +5.9%UK 514.5 31.8 +2.7% +3.0% (e)GROUP 1,618.6 100.0 +0.5% (f) +5.0% (d) At constant exchange rates US total sales increased by 10.2%.(e) H.Samuel like for like sales were up by 1.9% and Ernest Jones up by 4.5%.(f) At constant exchange rates Group total sales increased by 7.7%. Terry Burman, Group Chief Executive, commented, "The Group had a strong yearwith like for like sales up by 5.0% building further on its consistent record ofgrowth. In the US like for like sales rose by 4.7% in the fourth quarter, againsignificantly outperforming its main competition. The UK business increased likefor like sales by 1.4% in the fourth quarter despite demanding comparatives anda difficult retail environment." Enquiries: Terry Burman, Group Chief Executive ) +44 (0) 20 7399 9520 Walker Boyd, Group Finance Director Mike Smith, Brunswick +44 (0) 20 7404 5959 Pam Small, Brunswick Signet operated 1,758 speciality retail jewellery stores at 29 January 2005;these included 1,156 stores in the US, where the Group trades as "Kay Jewelers","Jared The Galleria Of Jewelry" and under a number of regional names. At thesame date Signet also operated 602 stores in the UK, where the Group trades as"H.Samuel", "Ernest Jones" and "Leslie Davis". Further information on Signet isavailable at www.signetgroupplc.com. Note 1 - Impact of constant exchange rates and restatement of prior year figures The Group has historically used constant exchange rates to compare period toperiod changes in certain financial data. This is referred to as 'at constantexchange rates' throughout this release. The Group considers this to be a usefulmeasure for analysing and explaining changes and trends in the Group's results.The impact of the re-calculation of sales at constant exchange rates, includinga reconciliation to the Group's GAAP sales, is shown below. 13 weeks to 29 January 2005 13 weeks to 13 weeks to Growth at Impact of At constant Growth at 29 January 31 January actual exchange exchange constant 2005 2004 exchange rate rates exchange as reported as restated (1) rates movement (non-GAAP) rates (non-GAAP)---------------------------------------------------------------------------------------------------------- £m £m % £m £m %----------------------------------------------------------------------------------------------------------Sales by origin anddestinationUK, ChannelIslands &Republic ofIreland 215.9 212.0 +1.8 - 212.0 +1.8US 439.0 439.6 -0.1 (34.3) 405.3 +8.3--------------------------------------------------------------------------------------------------------- 654.9 651.6 +0.5 (34.3) 617.3 +6.1--------------------------------------------------------------------------------------------------------- 52 weeks to 29 January 2005 52 weeks to 52 weeks to Growth at Impact of At constant Growth at 29 January 31 January actual exchange exchange constant 2005 2004 exchange rate rates exchange as reported as restated (1) rates movement (non-GAAP) rates (non-GAAP)---------------------------------------------------------------------------------------------------------- £m £m % £m £m %----------------------------------------------------------------------------------------------------------Sales by origin anddestinationUK, ChannelIslands &Republic ofIreland 514.5 501.1 +2.7 - 501.1 +2.7US 1,104.1 1,108.8 -0.4 (107.3) 1,001.5 +10.2--------------------------------------------------------------------------------------------------------- 1,618.6 1,609.9 +0.5 (107.3) 1,502.6 +7.7--------------------------------------------------------------------------------------------------------- (1) Group and US sales have been restated following an amendment to FRS 5'Reporting the Substance of Transactions' in the form of 'Application Note G -Revenue Recognition'; 13 weeks ended 31 January 2004: £8.8 million decrease, 52weeks to 31 January 2004: £7.4 million decrease. The Preliminary Results for the 52 weeks ended 29 January 2005 are expected tobe announced at 12.30 p.m. BST on Wednesday 6 April 2005. On that day there willbe an analysts' presentation at 2.00 p.m. BST (9.00 a.m. Eastern Time and 6.00a.m. Pacific Time) and simultaneous audio and video webcasts available atwww.signetgroupplc.com. The dial-in details for the presentation are: UK dial-in: +44 (0) 20 7784 1018US dial-in: +1 718 354 1171 UK 48 hr. replay: +44 (0) 20 7984 7578 Pass code: 9614990US 48 hr. replay: +1 718 354 1112 Pass code: 9614990 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 Group 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 2003/04 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on April 22, 2004 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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