2nd Feb 2006 12:30
Signet Group PLC02 February 2006 Signet Group plc (LSE: SIG and NYSE: SIG)Embargoed until 12.30 p.m. (GMT) 2 February 2006 SIGNET'S FOURTH QUARTER LIKE FOR LIKE SALES UP 1.8% 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 ended28 January 2006. 13 WEEKS TO 28 JANUARY 2006 Group sales increased by 12.8% to £719.1 million in the 13 weeks to 28 January2006 (2004/05: £637.5 million, see Note 1); at constant exchange rates (see Note2) sales were up by 5.5%. Like for like sales rose by 1.8%. Sales Change on Previous Year ------- ------------------------------- £m % of Total Reported At Constant Exchange Rates Like for Like US 523.1 72.7 23.2% 11.6% 6.4% UK 196.0 27.3 -8.0% -8.0% -8.6%(a) GROUP 719.1 100.0 12.8% 5.5% 1.8% (a) H.Samuel like for like sales were down by 8.8% and Ernest Jones by 8.4%. Sales figures in this announcement have been reported using InternationalFinancial Reporting Standards ("IFRS"). A reconciliation to the previouslyannounced figures for the 13 weeks to 29 January 2005 is set out in Note 1.There is no material impact on like for like sales figures. 52 WEEKS TO 28 JANUARY 2006 Group sales increased by 8.5% to £1,752.4 million in the 52 weeks to 28 January2006 (2004/05: £1,615.5 million, see Note 1); at constant exchange rates saleswere up by 6.1% (see Note 2), the US dollar having strengthened from $1.86/£1 to$1.80/£1. Group like for like sales rose by 2.4%. Sales Change on Previous Year ------- ------------------------------- £m % of Total Reported At Constant Exchange Rates Like for Like US 1,282.7 73.2 15.8% 12.1% 7.1% UK 469.7 26.8 -7.5% -7.5% -8.2%(b) GROUP 1,752.4 100.0 8.5% 6.1% 2.4% (b) H.Samuel like for like sales were down by 8.7% and Ernest Jones by 7.5%. A reconciliation to the previously announced figures for the 52 weeks to 29January 2005 is set out in Note 1. Terry Burman, Group Chief Executive, commented, "In the fourth quarter, the USbusiness again significantly outperformed its main competition with like forlike sales up by 6.4%. In the UK, trading conditions remained difficult and likefor like sales declined by 8.6%. For the year as a whole, the Group benefited from a combination of strong spaceand like for like sales growth in the United States which more than offset theeffect of the trading environment in the UK." Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700Walker Boyd, Group Finance Director +44 (0) 20 7317 9700 Mike Smith, Brunswick +44 (0) 20 7404 5959Pamela Small, Brunswick +44 (0) 20 7404 5959 Signet operated 1,814 speciality retail jewellery stores at 28 January 2006;these included 1,221 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 593 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 - Prior period restatement Group sales have been restated to reflect changes in accounting standards. Setout below is a reconciliation of sales for the 13 weeks and for the 52 weeks to29 January 2005: 13 weeks to 29 January 2005 US UK Group --------- --------- --------- £m £m £m --------- --------- ---------As previously reported under UK GAAP 434.8 215.8 650.6US extended service agreements restated(1) 2.3 - 2.3 --------- --------- ---------Sales restated under UK GAAP 437.1 215.8 652.9 IFRS adjustments:US insurance income 2.7 - 2.7Voucher promotions (11.9) - (11.9)Movement in returns provision (3.4) - (3.4)UK warranty sales - (2.8) (2.8)------------------------------- --------- --------- ---------Sales in accordance with IFRS 424.5 213.0 637.5------------------------------- --------- --------- --------- 52 weeks to 29 January 2005 US UK Group------------------------------- --------- --------- --------- £m £m £m --------- --------- ---------As previously reported under UK GAAP 1,100.0 514.4 1,614.4US extended service agreements restated(1) - - - --------- --------- ---------Sales restated under UK GAAP 1,100.0 514.4 1,614.4 IFRS adjustments:US insurance income 10.4 - 10.4Voucher promotions (2.2) - (2.2)Movement in returns provision (0.4) - (0.4)UK warranty sales - (6.7) (6.7)------------------------------- --------- --------- ---------Sales in accordance with IFRS 1,107.8 507.7 1,615.5------------------------------- --------- --------- --------- (1) Following the adoption of the amendment to FRS 5, 'Application Note G -Revenue Recognition' for the 52 weeks ended 29 January 2005. Note 2 - 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. 13 weeks to 28 13 weeks to 13 weeks to Growth at Impact of At constant Growth atJanuary 2006 28 January 29 January actual exchange exchange constant 2006 2005 exchange rate rates exchange as reported as reported rates movement (non-GAAP) rates (non-GAAP) ------- ------- ------- ------- ------- -------- £m £m % £m £m % ------- ------- ------- ------- ------- --------Sales by origin anddestination UK, ChannelIslands &Republic ofIreland 196.0 213.0 (8.0) - 213.0 (8.0)US 523.1 424.5 23.2 44.4 468.9 11.6-------------------- ------- ------- ------- ------- ------- -------- 719.1 637.5 12.8 44.4 681.9 5.5-------------------- ------- ------- ------- ------- ------- -------- 52 weeks to 28 52 weeks to 52 weeks to Growth at Impact of At constant Growth atJanuary 2006 28 January 29 January actual exchange exchange constant 2006 2005 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 469.7 507.7 (7.5) - 507.7 (7.5)US 1,282.7 1,107.8 15.8 36.9 1,144.7 12.1-------------------- ------- ------- ------- ------- ------- -------- 1,752.4 1,615.5 8.5 36.9 1,652.4 6.1-------------------- ------- ------- ------- ------- ------- -------- The Preliminary Results for the 52 weeks ended 28 January 2006 are expected tobe announced at 12.30 p.m. BST on Tuesday 4 April 2006. 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 7365 1834US dial-in: +1 718 354 1171 UK 48hr. replay: +44 (0) 20 7784 1024 Pass code: 8440161#US 48hr. replay: +1 718 354 1112 Pass code: 8440161# 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 2004/05 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on May 3, 2005 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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