Signet Announces Fourth Quarter Sales
February 05 2009 - 6:34AM
PR Newswire (US)
HAMILTON, Bermuda, Feb. 5 /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 52
weeks ended January 31, 2009. 13 WEEKS TO JANUARY 31, 2009 Group
same stores sales declined by 14.9% in the 13 week period. Total
sales decreased by 18.9% on a reported basis to $1,123.5 million
(13 weeks to February 2, 2008: $1,384.8 million) reflecting an
underlying decrease of 12.8% at constant exchange rates (see note
1). The breakdown of the sales performance was as follows: Sales
Change on Previous Year $m % of Total Reported At Same Store
Constant Sales Exchange Rates(a) US 862.1 76.7% (13.8)% (13.8)%
(16.1)% UK 261.4 23.3% (32.0)% (9.0)% (9.2)%(b) GROUP 1,123.5
100.0% (18.9)% (12.8)% (14.9)% (a) For reconciliation to reported
sales see note 1. (b) H.Samuel same store sales were down by 7.8%
and Ernest Jones by 11.0%. 52 WEEKS TO JANUARY 31, 2009 Group same
store sales declined by 8.2% in the 52 week period. Total sales
decreased by 8.8% on a reported basis to $3,344.3 million (52 weeks
to February 2, 2008: $3,665.3 million) reflecting an underlying
decrease of 5.7% at constant exchange rates (see note 1). The
average US dollar exchange rate for the period was £1/$1.75 (52
weeks to February 2, 2008: 1 pounds Sterling/$2.00). Sales Change
on Previous Year $m % of Total Reported At Same Store Constant
Sales Exchange Rates(c) US 2,536.2 75.8% (6.3)% (6.3)% (9.7)% UK
808.1 24.2% (15.8)% (3.8)% (3.3)%(d) GROUP 3,344.3 100.0% (8.8)%
(5.7)% (8.2)% (c) For reconciliation to reported sales see note 1.
(d) H.Samuel same store sales were down by 2.6% and Ernest Jones by
4.0%. Terry Burman, Group Chief Executive, commented, "In the
fourth quarter, the US business faced an extremely challenging and
highly promotional environment. Against this background, same store
sales outperformed the competition and gross merchandise margin
rate showed a significant increase. The UK division experienced
trading conditions similar to those in the US, with both H.Samuel
and Ernest Jones reporting a step down in sales performance
compared to the first nine months of the year. Therefore on both
sides of the Atlantic, we are reducing costs and focusing on cash
generation. Further comments on these initiatives will be made at
the time of our full year results." 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
1,959 specialty retail jewelry stores at January 31, 2009; these
included 1,401 stores in the US, where the Group trades as "Kay
Jewelers", "Jared The Galleria Of Jewelry" and under a number of
regional names. At the same date Signet also operated 558 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
Full Year Results, Wednesday, March 25, 2009 The Full Year Results
for the 52 weeks ended January 31, 2009 are expected to be
announced at 7.30 a.m. EST on Wednesday, March 25, 2009. 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 audio webcast available at
http://www.signetjewelers.com/ . The dial-in details for the
conference call are: US dial-in: +1 718 354 1171 US 48hr. replay:
+1 718 354 1112 Pass code:4086123# European dial-in: +44 (0) 20
7138 0816 European 48hr. replay: +44 (0) 20 7806 1970 Pass
code:4086123# Bank of America / Merrill Lynch 2009 Consumer
Conference Signet will be taking part in the Bank of America /
Merrill Lynch 2009 Consumer Conference to be held in New York at
The New York Palace Hotel on Wednesday, March 11 and Thursday,
March 12, 2009. Present will be Terry Burman, Group Chief Executive
and Tim Jackson, Investor Relations Director. Morgan Stanley Retail
Field Trip, Thursday, April 2, 2009 Signet will be taking part in
the Morgan Stanley Retail Field Trip on Thursday, April 2, 2009 in
Phoenix, Arizona. Present will be Terry Burman, Group Chief
Executive and Walker Boyd, Group Finance Director. Note 1 - Impact
of constant exchange rates on a 13 and 52 week basis 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 January 31, 2009 13 weeks to 13 weeks to
Change as Impact of At Change at January February reported exchange
constant constant 31, 2009 as 2, 2008 as rate exchange exchange
reported reported movement rates rates (non- (non- GAAP) GAAP) $m
$m % $m $m % Sales by origin and destination UK, Channel Islands
& Republic of Ireland 261.4 384.2 (32.0) (96.9) 287.3 (9.0) US
862.1 1,000.6 (13.8) - 1,000.6 (13.8) 1,123.5 1,384.8 (18.9) (96.9)
1,287.9 (12.8) 52 weeks to January 31, 2009 52 weeks to 52 weeks to
Change as Impact of At Change at January February reported exchange
constant constant 31, 2009 as 2, 2008 as rate exchange exchange
reported reported movement rates rates (non- (non- GAAP) GAAP) $m
$m % $m $m % Sales by origin and destination UK, Channel Islands
& Republic of Ireland 808.1 959.6 (15.8) (120.0) 839.6 (3.8) US
2,536.2 2,705.7 (6.3) - 2,705.7 (6.3) 3,344.3 3,665.3 (8.8) (120.0)
3,545.3 (5.7) 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 Group 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: Enquiries, Terry Burman, Group Chief Executive, or Walker
Boyd, Group Finance Director, both at +1-441-296-5872; or Press,
John Dudzinsky, Taylor Rafferty, +1-212-889-4350, or Jonathan
Glass, Brunswick, +44(0)20-7404-5959 Web Site:
http://www.signetjewelers.com/
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