8th May 2008 12:30
Signet Group PLC08 May 2008 Signet Group plc (LSE and NYSE: SIG) Embargoed until 12.30 p.m. (BST) 8 May 2008 SIGNET REPORTS FIRST QUARTER LIKE FOR LIKE SALES Signet Group plc, the world's largest speciality retail jeweller, todayannounced its sales performance for the 13 weeks to 3 May 2008. Group like for like sales declined by 2.5% in the first quarter. Total saleswere up by 1.0% on a reported basis to $822.3 million (13 weeks to 5 May 2007:$814.4 million) reflecting an underlying increase of 0.7% at constant exchangerates (see Note 1). The average US dollar exchange rate for the period was $1.98/£1 (2007/08 Q1: $1.96/£1). The breakdown of the sales performance was asfollows: Sales Change on Previous Year ----- -------------------------- $m % of Total Reported At Constant Like for Like Exchange Rates US 630.9 76.7 (0.2)% (0.2)% (4.7)%UK 191.4 23.3 5.1% 4.0% 5.3%(a)GROUP 822.3 100.0 1.0% 0.7% (2.5)% (a) H.Samuel like for like sales were up by 5.3% and Ernest Jones by 5.4%. Terry Burman, Group Chief Executive, commented, "US like for like sales weredown 4.7%, reflecting a difficult trading environment partly offset by betterweather over Valentine's Day. The results from the price increases implementedin the US in February and March remain encouraging, although a full evaluationwill only be completed in the summer. In the UK, like for like sales rose by5.3%, with both H.Samuel and Ernest Jones outperforming the UK retail sector ina demanding marketplace." Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700 Walker Boyd, Group Finance Director +44 (0) 20 7317 9700 Wendel Verbeek, Brunswick +44 (0) 20 7404 5959 Signet operated 1,966 speciality retail jewellery stores at 3 May 2008; theseincluded 1,407 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 559 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. Investor Relations Programme Details First quarter resultsThe first quarter earnings results for the 13 weeks ended 3 May 2008 areexpected to be announced on Friday 6 June 2008 at 7.30 a.m. (BST) and aconference call on that day for all interested parties is expected to take placeat 2.00 p.m. (BST). European dial-in: +44 (0) 20 7138 0839 Confirmation code: 9865496US dial-in: +1 718 354 1362 Confirmation code: 9865496 European replay until 12 June: +44 (0) 20 7806 1970 Access code: 9865496#US replay until 12 June: +1 718 354 1112 Access code: 9865496# Piper Jaffray 28th Annual Consumer Conference in New YorkSignet will be presenting at the Piper Jaffray Annual Consumer Conference takingplace in New York on Tuesday 10 June to Wednesday 11 June 2008. Thepresentation, which will also be webcast on the Group's website, will be givenby Walker Boyd, Group Finance Director, who will also be available forone-on-one meetings. 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 3 May 5 May actual exchange exchange constant 2008 2007 exchange rate rates exchange rates movement (non-GAAP) rates (non-GAAP)--------------------- ------- ------- ------- ------- -------- -------- $m $m % $m $m %--------------------- ------- ------- ------- ------- -------- --------Sales by origin anddestinationUS 630.9 632.3 (0.2) - 632.3 (0.2)UK, Channel Islands & Republic of Ireland 191.4 182.1 5.1 1.9 184.0 4.0--------------------- ------- ------- ------- ------- -------- -------- 822.3 814.4 1.0 1.9 816.3 0.7--------------------- ------- ------- ------- ------- -------- -------- 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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