HAMILTON, Bermuda, Nov 05, 2009 (BUSINESS WIRE) -- Signet Jewelers Ltd ("Signet") (NYSE:SIG) (LSE: SIG), the world's
largest specialty retail jeweler, today announced its sales performance
for the 13 and 39 weeks ended October 31, 2009.
13 WEEKS ENDED OCTOBER 31, 2009
Same store sales fell 1.9% in the 13 week period. Total sales were down
2.5% on a reported basis to $613.6 million (13 weeks to November 1,
2008: $629.3 million) reflecting an underlying decrease of 0.2% 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 Constant Same Store
Exchange Rates Sales
US 459.3 74.9 (1.7)% (1.7)% (2.4)%
UK 154.3 25.1 (4.8)% 4.4% (0.2)%(a)
TOTAL 613.6 100.0 (2.5)% (0.2)% (1.9)%
(a) Same store sales: H.Samuel (0.2)% and Ernest Jones (0.3)%.
39 WEEKS ENDED OCTOBER 31, 2009
Same store sales were down 3.4% in the 39 week period. Total sales were
down 6.0% on a reported basis to $2,087.1 million (39 weeks to November
1, 2008: $2,220.7 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 GBP 1/$1.57 (39 weeks to November 1, 2008:
GBP 1/$1.92). 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 1,636.7 78.4 (2.2)% (2.2)% (3.5)%
UK 450.4 21.6 (17.6)% 0.8% (3.0)%(b)
TOTAL 2,087.1 100.0 (6.0)% (1.6)% (3.4)%
(b) Same store sales: H.Samuel (1.6)% and Ernest Jones (4.6)%.
Terry Burman, Chief Executive, commented, "The sales performance in the
third quarter saw an improvement over that of the second quarter. Same
store sales were broadly consistent throughout the period in both
markets.
US same store sales were down 2.4% in the period compared to a fall of
5.5% in the second quarter, with Jared showing some early signs of a
slowing sales decline. In the UK, same store sales were down 0.2%
against 4.3% in the second quarter, an improved performance by Ernest
Jones being noteworthy.
Signet is well prepared for the very important Holiday Season; however,
the outlook on both sides of the Atlantic remains very uncertain."
Signet operated 1,948 specialty retail jewelry stores at October 31,
2009; these included 1,394 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 554 stores in the
UK, where the Group trades as "H.Samuel", "Ernest Jones" and "Leslie
Davis". Further information on Signet is available at www.signetjewelers.com.
See also www.kay.com,
www.jared.com,
www.hsamuel.co.uk
and www.ernestjones.co.uk.
Investor Relations Program Details
Third Quarter Results
The results for the 13 and 39 week periods to October 31, 2009 are
expected to be announced at 7.30 a.m. (EST) on Tuesday, November 24,
2009. On that day there will be a conference call chaired by Terry
Burman at 8.30 a.m. (EST) (1.30 p.m. GMT and 5.30 a.m. Pacific Time) and
a simultaneous audio webcast and slide presentation available at www.signetjewelers.com.
The slides will be available to be downloaded from the website ahead of
the call.
The call details are:
US dial-in: +1 (718) 354-1385
US 48hr replay: +1 (347) 366-9565 Access code: 8017450#
European dial-in: +44 (0) 20 7806 1951
European 48hr replay: +44 (0) 20 7111 1244 Access code: 8017450#
Note 1 - Impact of constant exchange rates
Signet 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. Signet
considers this to be a useful measure for analyzing and explaining
changes and trends in its results. The impact of the re-calculation of
sales at constant exchange rates, including a reconciliation to GAAP
sales, is shown below.
13 weeks ended October 31, 2009 13 weeks 13 weeks Change at Impact of 13 weeks Change at
ended ended actual exchange ended constant
October 31, November 1, exchange rate November 1, exchange
2009 2008 rates movement 2008 rates
as reported as reported at constant (non-GAAP)
exchange
rates
(non-GAAP)
$m $m % $m $m %
Sales by origin and destination
US 459 .3 467 .3 (1 .7) 467 .3 (1 .7)
UK, Channel Islands & Republic of Ireland 154 .3 162 .0 (4 .8) (14 .2) 147 .8 4 .4
613 .6 629 .3 (2 .5) (14 .2) 615 .1 (0 .2)
39 weeks ended October 31, 2009 39 weeks 39 weeks Change at Impact of 39 weeks Change at
ended ended actual exchange ended constant
October 31, November 1, exchange rate November 1, exchange
2009 2008 rates movement 2008 rates
as reported as reported at constant (non-GAAP)
exchange
rates
(non-GAAP)
$m $m % $m $m %
Sales by origin and destination
US 1,636 .7 1,674 .0 (2 .2) 1,674 .0 (2 .2)
UK, Channel Islands & Republic of Ireland 450 .4 546 .7 (17 .6) (99 .7) 447 .0 0 .8
2,087 .1 2,220 .7 (6 .0) (99 .7) 2,121 .0 (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 Signet 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 management, the reputation of the
business, the level of competition in the jewelry sector, the price and
availability of diamonds, gold and other precious metals, seasonality of
the 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.
SOURCE: Signet Jewelers Ltd
Signet Jewelers
Walker Boyd, Finance Director
+1 441-296-5872
or
Tim Jackson, Investor Relations Director
+1 441-296-5872
or
IR:
Allison Malkin, ICR, Inc.
+1 203-682-8225
or
Jane Thorn-Leeson, ICR, Inc.
+1 646-277-1223
or
PR:
Alecia Pulman, ICR, Inc.
+1 646-277-1220
or
Jonathan Glass, Brunswick
+44 (0) 20 7404 5959
Copyright Business Wire 2009
