Signet 4Q sales down 14.9 percent

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Signet 4Q sales down 14.9 percent

February 05, 2009

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Business | Company Activities and Information | Corporate Reporting | Earnings and Loss Announcements | Earnings and Losses

Hamilton, Bermuda--Same-store sales at Signet Jewelers Ltd. decreased 14.9 percent for the 13 weeks ended Jan. 31, and total sales decreased 18.9 percent (12.8 percent at constant exchange rates) to $1,123.5 million, compared with the same period in 2008, the company announced on Thursday.

Meanwhile, same-store U.S. sales dropped 16.1 percent for the period, and total U.S. sales fell by 13.8 percent to $862.1 million.

"In the fourth quarter, the U.S. business faced an extremely challenging and highly promotional environment. Against this background, same-store sales outperformed the competition and gross merchandise margin rate showed a significant increase," Signet Group Chief Executive Terry Burman said in a media release. "The U.K. division experienced trading conditions similar to those in the U.S., with both H. Samuel and Ernest Jones reporting a step down in sales performance compared to the first nine months of the year. Therefore on both sides of the Atlantic, we are reducing costs and focusing on cash generation."

For the 52 weeks ended Jan. 31, Signet same-store sales decreased 8.2 percent, and total sales decreased 8.8 percent (5.7 percent at constant exchange rates) to $3,344.4 million.

Same-store U.S. sales for the period dropped 9.7 percent, and total sales fell 6.3 percent to $2,536.2 million.

Full-year results for the 52 weeks ended Jan. 31 are expected to be announced at 7:30 a.m. EST on Wednesday, March 25, 2009.

Signet operates 1,959 specialty retail jewelry stores, including 1,401 stores in the United States under the brand names Kay Jewelers and Jared The Galleria Of Jewelry, as well as a number of regional names. Signet also operates 558 stores in the United Kingdom under the brand names H. Samuel, Ernest Jones and Leslie Davis.

For more information about Signet, visit its Web site, SignetJewelers.com.

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