7th Feb 2008 12:30
Signet Group PLC07 February 2008 Signet Group plc (LSE and NYSE: SIG) Embargoed until 12.30 p.m. (GMT) 7 February 2008 SIGNET ANNOUNCES FOURTH QUARTER SALES Signet Group plc (LSE and NYSE: SIG), the world's largest speciality retailjeweller, today announced its sales performance for the 13 and 52 weeks ended 2February 2008. The comparable periods for reported sales are the 14 and 53 weeksto 3 February 2007. For sales at constant exchange rates and like for like salesthe comparable periods are the 13 and 52 weeks to 3 February 2007. 13 WEEKS TO 2 FEBRUARY 2008 Group like for like sales declined by 6.7% in the 13 weeks to 2 February 2008.Total sales decreased by 6.1% on a reported basis to $1,384.8 million (14 weeksto 3 February 2007: $1,475.2 million) reflecting an underlying decrease of 3.7%at constant exchange rates (13 week basis - see note 1). The breakdown of thesales performance was as follows: Sales Change on Previous Year ------- ------------------------- $m % of Total Reported At Constant Like (14 week Exchange for comparable Rates(a) Like period) (13 week comparable period) US 1,000.5 72.2% -7.2% -4.1% -8.6%UK 384.3 27.8% -3.3% -2.3% -1.7%(b)GROUP 1,384.8 100.0% -6.1% -3.7% -6.7% (a) For reconciliation to reported sales see note 1.(b) H.Samuel like for like sales were down by 1.2% and Ernest Jones by 2.2%. 52 WEEKS TO 2 FEBRUARY 2008 Group like for like sales declined by 0.7% in the 52 weeks to 2 February 2008.Total sales increased by 3.0% on a reported basis to $3,665.4 million (53 weeksto 3 February 2007: $3,559.2 million) reflecting an underlying increase of 3.2%at constant exchange rates (52 week basis - see note 1). The average US dollarexchange rate for the period was £1/$2.00 (53 weeks to 3 February 2007: £1/$1.88). Sales Change on Previous Year ------- --------------------------- $m % of Total Reported At Constant Like (53 week Exchange for comparable Rates(c) Like period) (52 week comparable period) US 2,705.6 73.8% 2.0% 4.1% -1.7%UK 959.8 26.2% 5.8% 0.9% 2.0%(d)GROUP 3,665.4 100.0% 3.0% 3.2% -0.7% (c) For reconciliation to reported sales see note 1.(d) H.Samuel like for like sales were up by 1.3% and Ernest Jones by 2.9%. Terry Burman, Group Chief Executive, commented, "In the fourth quarter, the USbusiness faced a very difficult environment with January adversely impacted by achange in promotional activity. The UK division had a disappointing Christmasperiod but saw some improvement in January. For the year as a whole, the US business executed its space growth plan andachieved a 4.1% increase in total sales on a 52 week basis. The UK division'slike for like sales increased by 2.0%, a good performance given the verychallenging fourth quarter." 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 Wendel Verbeek, Brunswick +44 (0) 20 7404 5959 Signet operated 1,962 speciality retail jewellery stores at 2 February 2008;these included 1,399 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 563 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. See also www.kay.com, www.jared.com,www.hsamuel.co.uk and www.ernestjones.co.uk. Note 1 - Impact of constant exchange rates on a 13 and 52 week basis The Group has historically used constant exchange rates and adjusted for changesin the reporting calendar to compare period-to-period changes in certainfinancial data. This is referred to as 'at constant exchange rates on a 52 or 13week basis' or '52 or 13 weeks at constant exchange rates' throughout thisrelease. The Group considers this to be a useful measure for analysing andexplaining changes and trends in the Group's results. The impact of there-calculation of sales growth at constant exchange rates on a 52 and 13 weekbasis is shown below: 13 weeks to 2 13 weeks to 14 weeks to Growth as Impact of At constant Growth atFebruary 2008 2 February 3 February reported exchange rate exchange rates constant 2008 2007 movement and (non-GAAP) exchange as reported as reported 14th week rates on a 13 week basis (non-GAAP)--------------------- ------- ------- ------- ------- ------- -------- $m $m % $m $m %--------------------- ------- ------- ------- ------- ------- --------Sales by origin anddestinationUK, Channel Islands &Republic of Ireland 384.3 397.6 (3.3)% (4.1) 393.5 (2.3)%US 1,000.5 1,077.6 (7.2)% (33.8) 1,043.8 (4.1)%--------------------- ------- ------- ------- ------- ------- -------- 1,384.8 1,475.2 (6.1)% (37.9) 1,437.3 (3.7)%--------------------- ------- ------- ------- ------- ------- -------- 52 weeks to 2 52 weeks to 53 weeks to Growth as Impact of At constant Growth atFebruary 2008 2 February 3 February reported exchange rate exchange rates constant 2008 2007 movement and (non-GAAP) exchange as reported as reported 53rd week rates on a 52 week basis (non-GAAP) --------------------- ------- ------- ------- ------- ------- -------- $m $m % $m $m %--------------------- ------- ------- ------- ------- ------- --------Sales by origin anddestinationUK, Channel Islands & Republic of Ireland 959.8 907.1 5.8% 43.8 950.9 0.9%US 2,705.6 2,652.1 2.0% (52.2) 2,599.9 4.1%-------------------- ------- ------- ------- ------- ------- -------- 3,665.4 3,559.2 3.0% (8.4) 3,550.8 3.2%--------------------- ------- ------- ------- ------- ------- -------- INVESTOR RELATIONS PROGRAMME DETAILS Preliminary Results, Wednesday 9 April 2008 The Preliminary Results for the 52 weeks ended 2 February 2008 are expected tobe announced at 12.30 p.m. BST on Wednesday 9 April 2008. On that day there willbe a presentation at 2.00 p.m. BST (9.00 a.m. EST and 6.00 a.m. Pacific Time)and simultaneous audio and video webcasts available at www.signetgroupplc.comand on the Thomson CCBN system. The dial-in details for the presentation are: UK dial-in: +44 (0)20 7806 1963 US dial-in: +1 718 354 1391 UK 48hr. replay: +44 (0) 20 7806 1970 Pass code: 9456483# US 48hr. replay: +1 718 354 1112 Pass code: 9456483# 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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