Signet Reports First Quarter Same Store Sales
May 07 2009 - 6:37AM
PR Newswire (US)
HAMILTON, Bermuda, May 7 /PRNewswire-FirstCall/ -- Signet Jewelers
Ltd ("Signet") (NYSE and LSE: SIG), the world's largest specialty
retail jeweler, today announced its sales performance for the 13
weeks from February 1 to May 2, 2009. Group same store sales
declined by 2.9% in the 13 week period. Total sales were down by
7.3% on a reported basis to $762.6 million (13 weeks to May 3,
2008: $822.5 million) reflecting an underlying decrease of 1.1% at
constant exchange rates (see Note 1). The average US dollar
exchange rate for the period was $1.45/1 pound Sterling (13 weeks
to May 3, 2008: $1.98/1 pound). The breakdown of the sales
performance was as follows: Sales Change on Previous Year -----
----------------------- $m % of Total Reported At Constant Same
Store Exchange Rates Sales US 624.8 81.9% (1.0)% (1.0)% (2.6)% UK
137.8 18.1% (28.0)% (1.7)% (4.2)%(a) GROUP 762.6 100.0% (7.3)%
(1.1)% (2.9)% (a) H.Samuel same store sales were down by 2.0% and
Ernest Jones by 6.7%. Terry Burman, Group Chief Executive,
commented, "US same store sales were down 2.6%, an encouraging
performance compared to the fourth quarter of fiscal 2009.
Valentine's Day trading was stronger than the remainder of the
period, with differentiated merchandise performing particularly
well. While Kay achieved an increase in same store sales, Jared was
adversely affected by the general weakness in spending among
households with above average incomes. In the UK, same store sales
were down by 4.2%, with performance a little weaker towards the end
of the period. The business benefitted from the continued focus on
customer service, staff training and merchandising initiatives,
with H.Samuel's figures being comparatively resilient." Enquiries:
Terry Burman, Group Chief Executive +1 441 296 5872 Walker Boyd,
Group Finance Director +1 441 296 5872 Michael Henson, Taylor
Rafferty +1 212 889 4350 Jonathan Glass, Brunswick +44 (0)20 7404
5959 Signet operated 1,957 specialty retail jewelry stores at May
2, 2009; these included 1,400 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 557 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
First quarter results First quarter earnings results for the 13
weeks ended May 2, 2009 are expected to be announced on Thursday
June 4, 2009 at 7.30 a.m. EDT (12.30 p.m. BST) and a conference
call on that day for all interested parties is expected to take
place at 9.00 a.m. EDT (2.00 p.m. BST). European dial-in: +44 (0)20
7806 1950 US dial-in: +1 718 354 1385 European replay until June 8:
+44 (0)20 7806 1970 Access code: 6934146# US replay until June 8:
+1 718 354 1112 Access code: 6934146# 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 13 weeks Change Impact At
Change to to at of constant at May 2, May 3, actual exchange
exchange constant 2009 2008 exchange rate rates exchange rates
movement (non-GAAP) rates (non-GAAP) $m $m % $m $m % Sales by
origin and destination US 624.8 631.1 (1.0) - 631.1 (1.0) UK,
Channel Islands & Republic of Ireland 137.8 191.4 (28.0) (51.2)
140.2 (1.7) 762.6 822.5 (7.3) (51.2) 771.3 (1.1) 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 factors" section of the Company's fiscal
2009 annual report on Form 20-F filed with the U.S. Securities and
Exchange Commission on April 1, 2009 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; or Michael Henson, Taylor
Rafferty, +1-212-889-4350; or Jonathan Glass, Brunswick,
+44(0)20-7404-5959, all for Signet Jewelers Ltd Web Site:
http://www.signetjewelers.com/
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