9th Aug 2007 12:30
Signet Group PLC09 August 2007 Embargoed until 12.30 p.m. (BST) 9 August 2007 Signet Like For Like Sales Up 3.4% in Second Quarter Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retailjeweller, today announced its second quarter 2007/08 sales performance for the13 week period from 6 May to 4 August 2007. 13 WEEKS TO 4 AUGUST 2007 Group like for like sales rose by 3.4% in the 13 week period. Total sales wereup by 7.4% on a reported basis to $787.2 million (13 weeks to 29 July 2006:$732.9 million) reflecting an underlying increase of 5.4% at constant exchangerates (see Note 1). The breakdown of the sales performance was as follows: Sales Change on Previous Year ----- -------------------------- $m % of Total Reported At Constant Like for Exchange Like Rates US 584.3 74.2% 5.0%(a) 5.0%(a) 2.2%(a)UK 202.9 25.8% 15.1% 6.5% 6.6%(b)GROUP 787.2 100.0% 7.4% 5.4% 3.4% (a) The underlying growth in US total sales in the second quarter is estimated to have been 8.0% after adjusting for the adverse impact of the timing of a promotional event at the beginning of the period. This had no impact on the like for like growth rate. (b) Like for like sales: H.Samuel +4.4% and Ernest Jones +9.0%. 26 WEEKS TO 4 AUGUST 2007 Group like for like sales rose by 3.2% in the 26 week period. Total sales wereup by 9.2% on a reported basis to $1,601.5 million (26 weeks to 29 July 2006:$1,467.2 million) reflecting an underlying increase of 6.7% at constant exchangerates (see Note 1). The average US dollar exchange rate for the period was £1/$1.99 (2006/07 H1: £1/$1.81). The breakdown of the sales performance was asfollows: Sales Change on Previous Year ----- -------------------------- $m % of Total Reported At Constant Like for Exchange Like Rates US 1,216.6 76.0% 7.6% 7.6% 2.7%(c)UK 384.9 24.0% 14.5% 4.2% 4.6%(d)GROUP 1,601.5 100.0% 9.2% 6.7% 3.2% (c) The underlying growth in US like for like sales in the first half is estimated to have been 2.0% after adjusting for the adverse impact of weather disruption over Valentine's Day and the benefit from the timing of promotional events. (d) Like for like sales: H.Samuel +3.2% and Ernest Jones +6.3%. Terry Burman, Group Chief Executive, commented, "In the first half Group likefor like sales were up 3.2%. Against the background of a challenging retailenvironment in their respective markets, both divisions performed well. At the start of the second quarter the US business experienced a weak Mother'sDay period. Since then trading has seen like for like sales growth of 3.8% whichwas ahead of the underlying rate achieved in the first quarter. The UK has hadan encouraging quarter with a like for like sales increase of 6.6%, helped by aparticularly strong June." 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 1,925 speciality retail jewellery stores at 4 August 2007; theseincluded 1,350 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 575 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 Half Year Results The half year results for the 26 weeks ended 4 August 2007 are expected to beannounced on Wednesday 5 September 2007. On that date there will be an analysts'meeting at 2.00 p.m. (BST) (9.00 a.m. EDT). For all interested parties therewill be a simultaneous audio webcast available on the Signet Group website (www.signetgroupplc.com) and a live telephone conference call. The details forthe conference call are: European dial-in: +44 (0) 20 7806 1950 European 48 hr. replay: +44 (0) 20 7806 1970 Access code: 3797548# US dial-in: +1 718 354 1387 US 48 hr. replay: +1 718 354 1112 Access code: 3797548# A video webcast of the presentation is expected to be available from close ofbusiness on 5 September 2007 at www.signetgroupplc.com and on the Thomson CCBNplatform. Las Vegas Store Tour, 29 November 2007 It is intended to host a tour of a Jared and a Kay store in Las Vegas, Nevada onthe morning of Thursday, November 29, 2007 for professional investors. The tourwill be hosted by Mark Light, Signet US CEO and Tim Jackson, Investor RelationsDirector. 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 13 weeks Growth at Impact of 13 weeks Growth at4 August 2007 ended ended actual exchange ended constant 4 August 29 July exchange rate 29 July exchange 2007 2006 rates movement 2006 rates as reported at constant (non-GAAP) exchange rates (non-GAAP)--------------------------------------------------------------------------------------------------------------- $m $m % $m $m %--------------------------------------------------------------------------------------------------------------- Sales by origin anddestination UK, Channel Islands & Republic of Ireland 202.9 176.3 15.1% 14.2 190.5 6.5%US 584.3 556.6 5.0% - 556.6 5.0%--------------------------------------------------------------------------------------------------------------- 787.2 732.9 7.4% 14.2 747.1 5.4%--------------------------------------------------------------------------------------------------------------- 26 weeks to 26 weeks 26 weeks Growth at Impact of 26 weeks Growth at4 August 2007 ended ended actual exchange ended constant 4 August 29 July exchange rate 29 July exchange 2007 2006 rates movement 2006 rates as reported at constant (non-GAAP) exchange rates (non-GAAP)--------------------------------------------------------------------------------------------------------------- $m $m % $m $m %--------------------------------------------------------------------------------------------------------------- Sales by origin anddestination UK, Channel Islands & Republic of Ireland 384.9 336.1 14.5% 33.4 369.5 4.2%US 1,216.6 1,131.1 7.6% - 1,131.1 7.6%--------------------------------------------------------------------------------------------------------------- 1,601.5 1,467.2 9.2% 33.4 1,500.6 6.7%--------------------------------------------------------------------------------------------------------------- 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 Form20-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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