10th May 2007 12:30
Signet Group PLC10 May 2007 Signet Group plc (LSE: SIG and NYSE: SIG) Embargoed until 12.30 p.m. (BST) 10 May 2007 SIGNET'S FIRST QUARTER LIKE FOR LIKE SALES UP 3.1% Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retailjeweller, today announced its sales performance for the 13 weeks from 4 Februaryto 5 May 2007. Group like for like sales rose by 3.1% in the first quarter. Total sales were upby 10.9% on a reported basis to $814.3 million (13 weeks to 29 April 2006:$734.3 million). At constant exchange rates the increase was 8.1% (see Note 1)due to the weakening of the US dollar from $1.75/£1 to $1.96/£1. The breakdownof the sales performance was as follows: Sales Change on Previous Year -------- -------------------------- $m % of Total Reported At Constant Like for Like Exchange Rates US 632.3 77.6 10.1% 10.1% 3.2%(a)UK 182.0 22.4 13.9% 1.7% 2.6%(b)GROUP 814.3 100.0 10.9% 8.1% 3.1% (a) The underlying growth in US like for like sales in the quarter is estimatedto have been 1.9% after adjusting for the adverse impact of weather disruptionover Valentine's Day and the benefit from the timing of a promotional event atthe start of the quarter. A promotional event at the end of the quarterconnected with Mothers' Day is treated on a consistent basis in the like forlike figures. (b) Like for like sales: H.Samuel +1.9% and Ernest Jones +3.5%. Terry Burman, Group Chief Executive, commented, "US like for like sales on anunderlying basis were up 1.9%, reflecting a trading environment in the US thatappears to have weakened somewhat. In the UK, like for like sales of 2.6%,strengthened a little from the fourth quarter, particularly in Ernest Jones." 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 Pamela Small, Brunswick +44 (0) 20 7404 5959 Signet operated 1,910 speciality retail jewellery stores at 5 May 2007; theseincluded 1,332 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 578 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. The first quarter earnings results for the 13 weeks ended 5 May 2007 areexpected to be announced on Friday 8 June 2007 at 7.30 a.m. and a conferencecall on that day for all interested parties is expected to take place at 2.00p.m. (BST). European dial-in: +44 (0) 20 7138 0817European replay until 12 June: +44 (0) 20 7806 1970 Access code: 2437948# US dial-in: +1 718 354 1171US replay until 12 June: +1 718 354 1112 Access code: 2437948# 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 5 May 29 April actual exchange rate exchange rates constant 2007 2006 exchange movement (non-GAAP) exchange rates rates (non-GAAP)---------------------------------------------------------------------------------------------------------------- $m $m % $m $m %----------------------------------------------------------------------------------------------------------------Sales by origin and destinationUK, Channel Islands & Republic ofIreland 182.0 159.8 13.9 19.1 178.9 1.7US 632.3 574.5 10.1 - 574.5 10.1---------------------------------------------------------------------------------------------------------------- 814.3 734.3 10.9 19.1 753.4 8.1---------------------------------------------------------------------------------------------------------------- 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 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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