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 August 9, 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-
Embargoed until 12.30 p.m. (BST) 9 August 2007
SIGNET LIKE FOR LIKE SALES UP 3.4% IN SECOND QUARTER
Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retail
jeweller, today announced its second quarter 2007/08 sales performance for the
13 week period from 6 May to 4 August 2007.
13 WEEKS TO 4 AUGUST 2007
Group like for like sales rose by 3.4% in the 13 week period. Total sales were
up by 7.4% on a reported basis to $787.2 million (13 weeks to 29 July 2006:
$732.9 million) reflecting an underlying increase of 5.4% 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 Like for Like
Exchange Rates
US 584.3 74.2% 5.0%(a) 5.0%(a) 2.2%(a)
UK 202.9 25.8% 15.1% 6.5% 6.6%(b)
GROUP 787.2 100.0% 7.4% 5.4% 3.4%
(a) The underlying growth in US total sales in the second quarter is estimated
to have been 8.0% after adjusting for the adverse impact of the timing of
a promotional event at the beginning of the period. This had no impact on
the like for like growth rate.
(b) Like for like sales: H.Samuel +4.4% and Ernest Jones +9.0%.
26 WEEKS TO 4 AUGUST 2007
Group like for like sales rose by 3.2% in the 26 week period. Total sales were
up by 9.2% on a reported basis to $1,601.5 million (26 weeks to 29 July 2006:
$1,467.2 million) reflecting an underlying increase of 6.7% at constant exchange
rates (see Note 1). The average US dollar exchange rate for the period was
£1/$1.99 (2006/07 H1: £1/$1.81). 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 1,216.6 76.0% 7.6% 7.6% 2.7%(c)
UK 384.9 24.0% 14.5% 4.2% 4.6%(d)
GROUP 1,601.5 100.0% 9.2% 6.7% 3.2%
(c) The underlying growth in US like for like sales in the first half is
estimated to have been 2.0% after adjusting for the adverse impact of
weather disruption over Valentine's Day and the benefit from the timing
of promotional events.
(d) Like for like sales: H.Samuel +3.2% and Ernest Jones +6.3%.
Terry Burman, Group Chief Executive, commented, "In the first half Group like
for like sales were up 3.2%. Against the background of challenging trading
conditions on either side of the Atlantic, both divisions performed well.
At the start of the second quarter the US business experienced a weak Mother's
Day period. Since then trading has seen like for like sales growth of 3.8% which
was ahead of the underlying rate achieved in the first quarter. The UK has had
an encouraging quarter with a like for like sales increase of 6.6%, helped by a
particularly strong June."
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 1,925 speciality retail jewellery stores at 4 August 2007;
these included 1,350 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 575 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.
Investor Relations Programme Details
Half Year Results
The half year results for the 26 weeks ended 4 August 2007 are expected to be
announced on Wednesday 5 September 2007. On that date there will be an analysts'
meeting at 2.00 p.m. (BST) (9.00 a.m. EDT). For all interested parties there
will be a simultaneous audio webcast available on the Signet Group website
(www.signetgroupplc.com) and a live telephone conference call. The
details forthe conference call are:
European dial-in: +44 (0) 20 7806 1950
European 48 hr. replay: +44 (0) 20 7806 1970 Access code: 3797548#
US dial-in: +1 718 354 1387
US 48 hr. replay: +1 718 354 1112 Access code: 3797548#
A video webcast of the presentation is expected to be available from close of
business on 5 September 2007 at www.signetgroupplc.com and on the Thomson
CCBN platform.
Las Vegas Store Tour, 29 November 2007
It is intended to host a tour of a Jared and a Kay store in Las Vegas, Nevada on
the morning of Thursday, November 29, 2007 for professional investors. The tour
will be hosted by Mark Light, Signet US CEO and Tim Jackson, Investor Relations
Director.
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 13 weeks Growth at Impact of 13 weeks Growth at
4 August 2007 ended ended actual exchange ended constant
4 August 29 July exchange rate 29 July exchange
2007 2006 rates movement 2006 rates
as reported at constant (non-GAAP)
exchange
rates
(non-GAAP)
-----------------------------------------------------------------------------------------------------------------------
$m $m % $m $m %
-----------------------------------------------------------------------------------------------------------------------
Sales by origin and destination
UK, Channel Islands & Republic of
Ireland 202.9 176.3 15.1% 14.2 190.5 6.5%
US 584.3 556.6 5.0% - 556.6 5.0%
-----------------------------------------------------------------------------------------------------------------------
787.2 732.9 7.4% 14.2 747.1 5.4%
-----------------------------------------------------------------------------------------------------------------------
26 weeks to 26 weeks 26 weeks Growth at Impact of 26 weeks Growth at
4 August 2007 ended ended actual exchange ended constant
4 August 29 July exchange rate 29 July exchange
2007 2006 rates movement 2006 rates
as reported at constant (non-GAAP)
exchange
rates
(non-GAAP)
-----------------------------------------------------------------------------------------------------------------------
$m $m % $m $m %
-----------------------------------------------------------------------------------------------------------------------
Sales by origin and destination
UK, Channel Islands & Republic of
Ireland 384.9 336.1 14.5% 33.4 369.5 4.2%
US 1,216.6 1,131.1 7.6% - 1,131.1 7.6%
-----------------------------------------------------------------------------------------------------------------------
1,601.5 1,467.2 9.2% 33.4 1,500.6 6.7%
-----------------------------------------------------------------------------------------------------------------------
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 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 Form20-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: August 09, 2007