8th Feb 2007 12:30
Signet Group PLC08 February 2007 Signet Group plc (LSE: SIG and NYSE: SIG) Embargoed until 12.30 p.m. (GMT) SIGNET ANNOUNCES FOURTH QUARTER SALES Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retailjeweller, today announced its sales performance for the 14 weeks and year ended3 February 2007. 14 WEEKS TO 3 FEBRUARY 2007 Group like for like sales rose by 4.2% in the 14 weeks to 3 February 2007, withgrowth in US sales adversely affected due to the change in timing of apromotional event (see note b below table). On a 13 week basis to 27 January2007, which is not impacted by this promotional timing difference, like for likesales were up 5.6%. Total sales for the 14 week period increased by 14.3% atconstant exchange rates (see note 1) and by 5.0% on a reported basis to £754.6million (2005/06: £718.9 million). Sales Change on Previous Year ----- ----------------------- £m % of Total Reported At Constant Like for (a) Exchange Like(b) Rates US 550.4 72.9% 5.2% 18.5% 5.4% UK 204.2 27.1% 4.3% 4.3% 1.5%(c) GROUP 754.6 100.0% 5.0% 14.3% 4.2% (a) The additional 53rd week contributed 4.3% in the US, 3.7% in the UK and 3.9% to the Group. (b) The growth in US sales was adversely affected as a result of a change in the timing of a promotional event associated with Valentine's Day which moved from the final week of the period into the first week of fiscal 2008. The like for like sales for the 13 weeks to 27 January were up 7.3% in the US, 1.4% in the UK and 5.6% for the Group. (c) H.Samuel like for like sales were up by 2.2% and Ernest Jones by 0.5%. 53 WEEKS TO 3 FEBRUARY 2007 Group like for like sales rose by 4.8% in the 53 weeks to 3 February 2007 withgrowth in US sales adversely affected due to the change in timing of apromotional event (see note e below table). On a 52 week basis to 27 January2007 like for like sales were up 5.4%. Group sales for the 53 week periodincreased by 11.5% at constant exchange rates (see note 1), and by 8.1% on areported basis to £1,893.4 million (2005/06: £1,752.3 million); the US dollarhaving weakened from $1.80/£1 to $1.88/£1. Sales Change on Previous Year ----- ----------------------- £m % of Total Reported At Constant Like for (d) Exchange Like(e) Rates US 1,410.8 74.5% 10.0% 14.9% 6.2% UK 482.6 25.5% 2.8% 2.8% 1.2%(f) GROUP 1,893.4 100.0% 8.1% 11.5% 4.8% (d) The additional 53rd week contributed 1.7% in the US, 1.6% in the UK and 1.7% to the Group. (e) The growth in US sales was adversely affected as a result of a change in the timing of a promotional event associated with Valentine's Day which moved from the final week of the period into the first week of fiscal 2008. The like for like sales for the 52 weeks to 27 January were up 7.0% in the US, 1.1% in the UK and 5.4% for the Group. (f) H.Samuel like for like sales were up by 0.7% and Ernest Jones by 1.7%. Terry Burman, Group Chief Executive, commented, "In the fourth quarter, the USbusiness continued to trade well with like for like sales up 7.3%, excluding thefinal week that was impacted by the timing of a promotional event associatedwith Valentine's Day. The UK division made satisfactory progress. For the year as a whole the US business again increased its share of the $60billion US jewellery market, with like for like sales up by 7.0% on a 52 weekbasis. On the same basis, UK like for like sales were up 1.1% in a challengingretail environment." MOVE TO US DOLLAR REPORTING To better reflect its underlying performance, the Group will report itsfinancial statements in US dollars from the commencement of its current fiscalyear on 4 February 2007. The necessary steps to finalise this process werecompleted on 5 February 2007. Unaudited summary pro forma published incomestatements for the last four fiscal years, translated into US dollars, at theaverage rates then prevailing, are now available at www.signetgroupplc.com. Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700Walker Boyd, Group Finance Director +44 (0) 20 7317 9700 Tom Buchanan, Brunswick +44 (0) 20 7404 5959Pamela Small, Brunswick +44 (0) 20 7404 5959 Signet operated 1,888 speciality retail jewellery stores at 3 February 2007;these included 1,307 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 581 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. See also www.kay.com, www.jared.com,www.hsamuel.co.uk and www.ernestjones.co.uk. 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 growth at constant exchangerates is shown below. 14 weeks to 3 14 weeks to 13 weeks to Growth at Impact of At constant Growth atFebruary 2007 3 February 28 January 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 anddestinationUK, ChannelIslands &Republic ofIreland 204.2 195.8 4.3 - 195.8 4.3US 550.4 523.1 5.2 (58.8) 464.3 18.5-------------------------------------------------------------------------------------------------------- 754.6 718.9 5.0 (58.8) 660.1 14.3-------------------------------------------------------------------------------------------------------- 53 weeks to 3 53 weeks to 52 weeks to Growth at Impact of At constant Growth atFebruary 2007 3 February 28 January 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 anddestinationUK, ChannelIslands &Republic ofIreland 482.6 469.6 2.8 - 469.6 2.8US 1,410.8 1,282.7 10.0 (54.6) 1,228.1 14.9-------------------------------------------------------------------------------------------------------- 1,893.4 1,752.3 8.1 (54.6) 1,697.7 11.5-------------------------------------------------------------------------------------------------------- INVESTOR RELATIONS PROGRAMME DETAILS Preliminary Results, Wednesday 18 April 2007 The Preliminary Results for the 53 weeks ended 3 February 2007 are expected tobe announced at 12.30 p.m. BST on Wednesday 18 April 2007. On that day therewill be a presentation at 2.00 p.m. BST (9.00 a.m. EST and 6.00 a.m. PacificTime) and simultaneous audio and video webcasts available atwww.signetgroupplc.com and on the Thomson CCBN system. The dial-in details forthe presentation are: UK dial-in: +44 (0) 20 7138 0816 US dial-in: +1 718 354 1171 UK 48hr. replay: +44 (0) 20 7806 1970 Pass code: 1908484# US 48hr. replay: +1 718 354 1112 Pass code: 1908484# Virtual Store Tour A virtual store tour of the Group's major retail formats is available atwww.signetgroupplc.com. Investor Day and Store Tour, Akron, Ohio, Wednesday 9 May 2007 It is intended to hold an Investor Day and Store Tour for professional investorsin Akron, Ohio on Wednesday 9 May 2007. 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 2005/06 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on May 4, 2006 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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