Q3 Sales Performance
06 November 2003 - 1:00PM
UK Regulatory
RNS Number:7372R
Signet Group PLC
06 November 2003
Embargoed until 12.00 Noon (GMT) 6 November 2003
SIGNET LIKE FOR LIKE SALES UP 4.7% IN THIRD QUARTER
Signet Group plc (LSE: SIG and Nasdaq NMS: SIGY), the world's largest speciality
retail jeweller, today announced its sales performance for the 13 weeks and for
the 39 weeks to 1 November 2003.
13 WEEKS TO 1 NOVEMBER 2003
Total Group sales in the 13 weeks to 1 November 2003 were #289.4 million (13
weeks to 2 November 2002: #278.9 million), an increase of 7.1% at constant
exchange rates (see Note 1). At actual exchange rates there was an increase of
3.8%. Group like for like sales increased by 4.7%. The breakdown was as follows:
Sales Change on Previous Year
------- -------------------------
#m % of Total Total Like for Like
US 192.9 66.7 2.8% (a) 4.5%
UK 96.5 33.3 5.8% 5.0% (b)
GROUP 289.4 100.0 3.8% (c) 4.7%
(a) At constant exchange rates total US sales increased by 7.7%.
(b) H.Samuel like for like sales were up by 2.2% and Ernest Jones up by 9.4%.
(c) At constant exchange rates total Group sales increased by 7.1%.
39 WEEKS TO 1 NOVEMBER 2003
Total Group sales in the 39 weeks to 1 November 2003 were #956.8 million (39
weeks to 2 November 2002: #961.7 million), an increase of 5.5% at constant
exchange rates (see Note 1). At actual exchange rates there was a decrease of
0.5%, reflecting the weakening of the US dollar. Group like for like sales
increased by 3.3%. The breakdown was as follows:
Sales Change on Previous Year
------- -------------------------
#m % of Total Total Like for Like
US 667.8 69.8 -2.8% (d) 2.8%
UK 289.0 30.2 5.1% 4.7% (e)
GROUP 956.8 100.0 -0.5% (f) 3.3%
(d) At constant exchange rates total US sales increased by 5.7%.
(e) H.Samuel like for like sales were up by 3.0% and Ernest Jones up by 7.1%.
(f) At constant exchange rates total Group sales increased by 5.5%.
COMMENT
Terry Burman, Group Chief Executive, commented "In the US like for like sales
increased by 4.5% in the third quarter in a mixed economic environment.
In the UK the 5.0% increase in like for like sales again outperformed the UK
retail market.
Our businesses have performed well in the first nine months of the year.
Supported by a number of new and continuing initiatives, such as increased
advertising, we are well positioned to compete during the important fourth
quarter."
Enquiries: Terry Burman, Group Chief Executive ) +44 (0) 20 7399 9520
Walker Boyd, Group Finance Director )
Mike Smith, Brunswick ) +44 (0) 20 7404 5959
Tim Grey, Brunswick )
Signet operated 1,694 speciality retail jewellery stores at 1 November 2003;
these included 1,092 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 602 stores in the UK, where the Group trades as "H.Samuel",
"Ernest Jones" and "Leslie Davis". Further information on Signet is available at
www.signetgroupplc.com .
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 analysing 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 1 13 weeks to 13 weeks to Growth at Impact of At constant Growth at
November 2003 1 November 2 November actual exchange exchange constant
2003 2002 exchange rate rates exchange
as reported as reported rates movement (non-GAAP) rates
(non-GAAP)
------------------ ------- ------- ------- ------- ------- -------
#m #m % #m #m %
------------------ ------- ------- ------- ------- ------- -------
Sales by origin
and destination
UK, Channel 96.5 91.2 5.8 - 91.2 5.8
Islands &
Republic of
Ireland
US 192.9 187.7 2.8 (8.6) 179.1 7.7
------------------ ------- ------- ------- ------- ------- -------
289.4 278.9 3.8 (8.6) 270.3 7.1
------------------ ------- ------- ------- ------- ------- -------
39 weeks to 39 weeks to Growth at Impact of At constant Growth at
1 November 2 November actual exchange exchange constant
2003 2002 exchange rate rates exchange
as reported as reported rates movement (non-GAAP) rates
39 weeks to 1 (non-GAAP)
November 2003
------------------ ------- ------- ------- ------- ------- -------
#m #m % #m #m %
------------------ ------- ------- ------- ------- ------- -------
Sales by origin
and destination
UK, Channel 289.0 274.9 5.1 - 274.9 5.1
Islands &
Republic of
Ireland
US 667.8 686.8 -2.8 (55.1) 631.7 5.7
------------------ ------- ------- ------- ------- ------- -------
956.8 961.7 -0.5 (55.1) 906.6 5.5
------------------ ------- ------- ------- ------- ------- -------
The third quarter results for the period to 1 November 2003 will be announced at
12.00 Noon (GMT) on Tuesday 25 November 2003. On that day there will be a
conference call chaired by Terry Burman at 2.00 p.m. (GMT) (9.00 a.m. Eastern
Time and 6.00 a.m. Pacific Time) and a simultaneous webcast available at
www.signetgroupplc.com . The details for the conference call on the third
quarter results are:
UK dial-in: +44 (0) 207 019 9504 Pass code: 688890
US dial-in: +1 718 354 1152 Pass code: 688890
UK 48hr replay: +44 (0) 207 784 1024 Pass code: 688890#
US 48hr replay: +1 718 354 1112 Pass code: 688890#
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 jewellery 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 Company's 2002/03 Annual Report on Form 20-F filed with the U.S. Securities
and Exchange Commission on April 24, 2003 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
realised. The Company undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or circumstances.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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