FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Special Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
The Securities and Exchange Act of 1934
For the date of May 10, 2007
SIGNET GROUP plc
(Translation of registrant's name into English)
15 Golden Square
London W1F 9JG
England
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Signet Group plc (LSE: SIG and NYSE: SIG) Embargoed until 12.30 p.m. (BST)
10 May 2007
SIGNET'S FIRST QUARTER LIKE FOR LIKE SALES UP 3.1%
Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retail
jeweller, today announced its sales performance for the 13 weeks from 4 February
to 5 May 2007.
Group like for like sales rose by 3.1% in the first quarter. Total sales were up
by 10.9% on a reported basis to $814.3 million (13 weeks to 29 April 2006:
$734.3 million). At constant exchange rates the increase was 8.1% (see Note 1)
due to the weakening of the US dollar from $1.75/£1 to $1.96/£1. The breakdown
of the sales performance was as follows:
Sales Change on Previous Year
$m % of Total Reported At Constant Like for Like
Exchange Rates
US 632.3 77.6 10.1% 10.1% 3.2%(a)
UK 182.0 22.4 13.9% 1.7% 2.6%(b)
GROUP 814.3 100.0 10.9% 8.1% 3.1%
(a) The underlying growth in US like for like sales in the quarter is estimated
to have been 1.9% after adjusting for the adverse impact of weather disruption
over Valentine's Day and the benefit from the timing of a promotional event at
the start of the quarter. A promotional event at the end of the quarter
connected with Mothers' Day is treated on a consistent basis in the like for
like figures.
(b) Like for like sales: H.Samuel +1.9% and Ernest Jones +3.5%.
Terry Burman, Group Chief Executive, commented, "US like for like sales on an
underlying basis were up 1.9%, reflecting a trading environment in the US that
appears to have weakened somewhat. In the UK, like for like sales of 2.6%,
strengthened a little from the fourth quarter, particularly in Ernest Jones."
Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700
Walker Boyd, Group Finance Director +44 (0) 20 7317 9700
Tom Buchanan, Brunswick +44 (0) 20 7404 5959
Pamela Small, Brunswick +44 (0) 20 7404 5959
Signet operated 1,910 speciality retail jewellery stores at 5 May 2007; these
included 1,332 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 578 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. See also www.kay.com, www.jared.com, www.hsamuel.co.uk
and www.ernestjones.co.uk.
The first quarter earnings results for the 13 weeks ended 5 May 2007 are
expected to be announced on Friday 8 June 2007 at 7.30 a.m. and a conference
call on that day for all interested parties is expected to take place at 2.00
p.m. (BST).
European dial-in: +44 (0) 20 7138 0817
European replay until 12 June: +44 (0) 20 7806 1970 Access code: 2437948#
US dial-in: +1 718 354 1171
US replay until 12 June: +1 718 354 1112 Access code: 2437948#
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 13 weeks to Growth at Impact of At constant Growth at
5 May 29 April actual exchange rate exchange rates constant
2007 2006 exchange movement (non-GAAP) exchange
rates rates
(non-GAAP)
----------------------------------------------------------------------------------------------------------------
$m $m % $m $m %
----------------------------------------------------------------------------------------------------------------
Sales by origin and destination
UK, Channel Islands & Republic of
Ireland 182.0 159.8 13.9 19.1 178.9 1.7
US 632.3 574.5 10.1 - 574.5 10.1
----------------------------------------------------------------------------------------------------------------
814.3 734.3 10.9 19.1 753.4 8.1
----------------------------------------------------------------------------------------------------------------
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 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 2006/07 Annual Report on Form 20-F filed with the U.S. Securities
and Exchange Commission on May 4, 2007 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SIGNET
GROUP plc
By: /s/
Walker Boyd
Name: Walker
Boyd
Title:
Group Finance Director
Date: May 10, 2007