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Signet 3Q sales down 6.6 percent

November 10, 2008

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London—Same-store sales at Signet Group PLC dropped 6.6 percent for the third quarter ended Nov. 1, and total sales decreased 7.3 percent on a reported basis to $629.4 million (4.3 percent at constant exchange rates), compared with the same period last year, the company announced on Monday.

Meanwhile, same-store U.S. sales dropped 7.9 percent for the quarter, and total U.S. sales decreased 4.3 percent on a reported basis to $467.2 million (4.3 percent at constant exchange rates), compared with the same period last year.

Noted Signet Group Chief Executive Terry Burman: "In the United States, same-store sales for the first six weeks of the quarter were consistent with the first half. However, the last seven weeks showed a marked deterioration reflecting heightened consumer uncertainty, and same-store sales were down by about 11 percent."

For the year to date ended Nov. 1, Signet Group same-store sales dropped 4.3 percent, and total sales decreased 2.6 percent on a reported basis to $2,220.6 million (1.6 percent at constant exchange rates), compared with same period last year.

Same-store U.S. sales dropped 6 percent year to date, and total U.S. sales decreased 1.8 percent on a reported basis to $1,673.9 million (1.8 percent at constant exchange rates), compared with the same period last year.

Signet operates 1,991 specialty retail jewelry stores, including 1,431 stores in the United States under the brand names Kay Jewelers and Jared The Galleria Of Jewelry, as well as under a number of regional names. Signet also operates 560 stores in the United Kingdom, where the group trades as H. Samuel, Ernest Jones and Leslie Davis.

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