Signet Reports Third Quarter Sales
November 06 2008 - 3:47AM
PR Newswire (US)
HAMILTON, Bermuda, Nov. 6 /PRNewswire-FirstCall/ -- Signet Jewelers
Ltd (NYSE and LSE: SIG), the world's largest specialty retail
jeweler, today announced its sales performance for the 13 and 39
weeks to November 1, 2008. 13 WEEKS TO NOVEMBER 1, 2008 Group same
store sales declined by 6.6% in the 13 week period. Total sales
were down by 7.3% on a reported basis to $629.4 million (13 weeks
to November 3, 2007: $678.7 million) reflecting an underlying
decrease of 4.3% at constant exchange rates (see note 1). The
breakdown of the sales performance was as follows: Sales Change on
Previous Year ----- -------------------------------------- At
Constant Same $m % of Total Reported Exchange Rates Store Sales US
467.2 74.2% (4.3)% (4.3)% (7.9)% UK 162.2 25.8% (14.9)% (4.3)%
(2.4)%(a) GROUP 629.4 100.0% (7.3)% (4.3)% (6.6)% (a) Same store
sales: H.Samuel down by (1.6)% and Ernest Jones down by (3.3)%. 39
WEEKS TO November 1, 2008 Group same store sales declined by 4.3%
in the 39 week period. Total sales were down by 2.6% on a reported
basis to $2,220.6 million (39 weeks to November 3, 2007: $2,280.5
million) reflecting an underlying decrease of 1.6% at constant
exchange rates (see note 1). The average US dollar exchange rate
for the period was pounds Sterling 1/$1.92 (39 weeks to November 3,
2007: pounds Sterling 1/$2.00). The breakdown of the sales
performance was as follows: Sales Change on Previous Year -----
-------------------------------------- At Constant Same $m % of
Total Reported Exchange Rates Store Sales US 1,673.9 75.4% (1.8)%
(1.8)% (6.0)% UK 546.7 24.6% (5.0)% (1.0)% 0.8%(b) GROUP 2,220.6
100.0% (2.6)% (1.6)% (4.3)% (b) Same store sales: H.Samuel up by
1.1% and Ernest Jones up by 0.5%. Terry Burman, Group Chief
Executive, commented, "In the US, same store sales for the first
six weeks of the quarter were consistent with the first half.
However the last seven weeks showed a marked deterioration
reflecting heightened consumer uncertainty, and same store sales
were down by about 11%. "The UK division continued to outperform
the non-food retail sector on a same store sales basis. Until
mid-October, the performance was broadly similar to that reported
by the business for the second quarter but in the last three weeks
same store sales declined by some 8%. "In a very difficult trading
environment on both sides of the Atlantic, we have a strong
business which we continue to manage cautiously. Our focus is on
maximizing gross margin dollars, a tight control of costs and
inventory, as well as maintaining a strong balance sheet."
Enquiries: Terry Burman, Group Chief Executive + 1 441 296 5872
Walker Boyd, Group Finance Director + 1 441 296 5872 Press: John
Dudzinsky, Taylor Rafferty +1 212 889 4350 Jonathan Glass,
Brunswick +44 (0)20 7404 5959 Signet operated 1,991 specialty
retail jewelry stores at November 1, 2008; these included 1,431
stores in the US, where the Group trades as "Kay Jewelers", "Jared
The Galleria Of Jewelry" and under a number of regional names. At
that date Signet operated 560 stores in the UK, where the Group
trades as "H.Samuel", "Ernest Jones" and "Leslie Davis". Further
information on Signet is available at
http://www.signetjewelers.com/. See also http://www.kay.com/,
http://www.jared.com/, http://www.hsamuel.co.uk/ and
http://www.ernestjones.co.uk/. Investor Relations Program Details
Third Quarter Results The results for the 13 and 39 week periods to
November 1, 2008 are expected to be announced at 7.30 a.m. (EST) on
Tuesday, November 25, 2008. On that day there will be a conference
call chaired by Terry Burman at 9.00 a.m. (EST) (2.00 p.m. GMT and
6.00 a.m. Pacific Time) and a simultaneous audiocast available at
http://www.signetjewelers.com/. The details for the conference call
on the results are: US dial-in: +1 718 354 1388 US 48hr replay: +1
718 354 1112 Access code: 5540805# European dial-in: +44 (0)20 7806
1957 European 48hr replay: +44 (0)20 7806 1970 Access code:
5540805# Note 1 -- Impact of constant exchange rates The Group has
historically used constant exchange rates to compare
period-to-period changes in certain financial data. This is
referred to as 'at constant exchange rates' throughout this
release. The Group considers this to be a useful measure for
analyzing and explaining changes and trends in the Group's results.
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 Change November 1, at 2008 13 weeks 13
weeks Change Impact At constant to to at of constant exchange
November 1, November 3, actual exchange exchange rates 2008 as 2007
as exchange rate rates (non- reported reported rates movement
(non-GAAP) GAAP) ----------- ----------- --------- ---------
--------- ------- $m $m % $m $m % Sales by origin and destination
US 467.2 488.2 (4.3) - 488.2 (4.3) UK, Channel Islands &
Republic of Ireland 162.2 190.5 (14.9) (21.1) 169.4 (4.3) 629.4
678.7 (7.3) (21.1) 657.6 (4.3) 39 weeks to Change November 1, at
2008 39 weeks 39 weeks Change Impact At constant to to at of
constant exchange November 1, November 3, actual exchange exchange
rates 2008 as 2007 as exchange rate rates (non- reported reported
rates movement (non-GAAP) GAAP) ----------- ----------- ---------
--------- --------- ------- $m $m % $m $m % Sales by origin and
destination US 1,673.9 1,705.1 (1.8) - 1,705.1 (1.8) UK, Channel
Islands & Republic of Ireland 546.7 575.4 (5.0) (23.0) 552.4
(1.0) 2,220.6 2,280.5 (2.6) (23.0) 2,257.5 (1.6) This release
includes statements which are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements, based upon management's beliefs as well as on
assumptions made by and data currently available to management,
appear in a number of places throughout 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 Company operates. Our use of the words
"expects," "intends," "anticipates," "estimates," "may,"
"forecast," "objective," "plan" or "target," and other similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to a number of risks and uncertainties,
including but not limited to general economic conditions, the
merchandising, pricing and inventory policies followed by the
Group, the reputation of the Group, the level of competition in the
jewelry sector, the price and availability of diamonds, gold and
other precious metals, seasonality of the Group's business and
financial market risk. For a discussion of these and other risks
and uncertainties which could cause actual results to differ
materially, see the "Risk and Other Factors" section of the Annual
Report& Accounts of Signet Group plc furnished as an exhibit to
its Report on Form 6-K furnished with the U.S. Securities and
Exchange Commission on May 1, 2008 and other filings made by the
Company with the Commission. Actual results may differ materially
from those anticipated in such forward-looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein may not be realized. The
Company undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or
circumstances. DATASOURCE: Signet Jewelers Ltd CONTACT: Terry
Burman, Group Chief Executive, +1-441-296-5872, or Walker Boyd,
Group Finance Director, +1-441-296-5872, both of Signet Jewelers
Ltd; or Press: John Dudzinsky of Taylor Rafferty, +1-212-889-4350;
or Jonathan Glass of Brunswick, +44(0)20-7404-5959 Web site:
http://www.signetjewelers.com/
Copyright