4th May 2006 12:30
Signet Group PLC04 May 2006 Signet Group plc (LSE: SIG, NYSE: SIG) Embargoed until 12.30 p.m. (BST) 4 May 2006 SIGNET'S FIRST QUARTER LIKE FOR LIKE SALES UP 2.8% Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retailjeweller, today announced its sales performance for the 13 weeks from 29 Januaryto 29 April 2006. Group like for like sales rose by 2.8% in the first quarter. Total sales were upby 13.7% on a reported basis to £419.6 million (13 weeks to 30 April 2005:£369.2 million). At constant exchange rates the increase was 7.2% (see Note 1)due to the strengthening of the US dollar from $1.89/£1 to $1.75/£1. Thebreakdown of the sales performance was as follows: Sales Change on Previous Year ------- -------------------------- £m % of Total Reported At Constant Like for Like Exchange Rates US 328.3 78.2 18.1%(a) 9.4%(a) 3.9%(a)UK 91.3 21.8 0.0% 0.0% -0.7%(b)GROUP 419.6 100.0 13.7% 7.2% 2.8% (a) The growth in US total sales in the quarter is estimated to have beenadversely affected by over 3% as a result of a change in the timing of Mother'sDay. The like for like sales comparison has been similarly affected. (b) Like for like sales: H.Samuel -2.4% and Ernest Jones +1.3%. Terry Burman, Group Chief Executive, commented, "The US division had a strongfirst quarter with underlying like for like sales up by over 7% after takingaccount of the change in timing of Mother's Day. In the UK, the general retailenvironment remains challenging and divisional like for like sales showed asmall decrease of 0.7%. As indicated at the time of the preliminary results,there has been some reduction in gross margin in both divisions." Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700 Walker Boyd, Group Finance Director +44 (0) 20 7317 9700 Mike Smith, Brunswick +44 (0) 20 7404 5959 Pamela Small, Brunswick +44 (0) 20 7404 5959 Signet operated 1,837 speciality retail jewellery stores at 29 April 2006; theseincluded 1,246 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 591 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. The first quarter earnings results for the 13 weeks ended 29 April 2006 areexpected to be announced on Friday 9 June 2006 at 7.30 a.m. (BST) and a conference call on that day for all interested parties is expected to take place at 2.00 p.m. (BST). European dial-in: +44 (0) 20 7138 0835European replay until June 13: +44 (0) 20 7806 1970 Access code: 8494713# US dial-in: +1 718 354 1172 US replay until June 13: +1 718 354 1112 Access code: 8494713# 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 13 weeks to Growth at Impact of At constant Growth at 29 April 30 April acutal exchange exchange rate exchange rates constant 2006 2005 rates movement (non-GAAP) exchange rates (non-GAAP)-------------------- ------- ------- ------- ------- -------- -------- £m £m % £m £m %-------------------- ------- ------- ------- ------- -------- --------Sales by origin anddestinationUK, Channel Islands & Republic of Ireland 91.3 91.3 0.0 - 91.3 0.0US 328.3 277.9 18.1 22.2 300.1 9.4-------------------- ------- ------- ------- ------- -------- -------- 419.6 369.2 13.7 22.2 391.4 7.2-------------------- ------- ------- ------- ------- -------- -------- 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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