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  6 November, 2008
 
 

SIGNET JEWELERS LIMITED
(Translation of registrant's name into English)

 

Clarendon House,

2 Church Street,

Hamilton HM11,

Bermuda
(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 Jewelers Ltd (NYSE and LSE: SIG)          
                              Embargoed until 
2.30 a.m.
 (EST)

November 6, 2008


    
    
SIGNET 
REPORTS
 
THIRD QUARTER
 SALES

Signet 
Jewelers Ltd
 (
NYSE
 and 
LS
E: SIG
), the world's largest specialty retail jeweler, today announced its sales performance for the 13 and 39 weeks to 
Novem
ber 
1, 
200
8
. 

13 WEEKS TO 
NOVEM
BER 
1, 
200
8
Group 
same
 store
 sales 
declined
 by 
6.6
% in the 13 week
 period.
  Total sales 
were 
down
 
by 
7.
3
% 
on a reported basis 
to
 
$
629.4
 million (13 weeks to 
November
 
3, 
200
7
: 
$6
78.7
 million)
 reflecting an underlying de
crease of 
4.3
% 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 Exchange Rates
Same
 
S
tore
 Sales
US
467.
2
74.2
%
(4.3)
%
(4.3)
%
(
7.9
)%
UK
162.
2
25.8
%
(14.9
)
%
(4.
3
)
%
(2.4
)
%
(
a
)
GROUP
629.
4
100.0
%
(7.3
)
%
(4.3
)
%
(6.6
)%



39 WEEKS TO 
N
ovember
 
1, 
200
8
Group 
same store
 
sales 
declined
 
by 
4
.
3
%
 in the 39 week
 period
. Total sales 
were 
down
 by 
2.6
% 
on a reported basis t
o $
2,
220.6
 million (39 weeks to
 
Novem
ber
 3,
 200
7: $2,2
8
0.
5
 mill
ion) reflecting an underlying de
crease of 
1.6
% 
at constant exchange rates (see 
n
ote 
1
).  
The 
a
verage US 
do
llar exchange rate for the period was £1/$
1.
9
2
 (39 weeks to 
Novem
ber
 
3, 
200
7
: £1/$2.00
).
  The breakdown 
of the sales performance 
was as follows:

Sales
   
Change on Previous Yea
r 
    

$
m
% of Total
Reported
At Constant Exchange Rates
Same
Store
 Sales
US 
1,673.9
75.
4%
(1.8)
%
(1.8)
%
(
6.
0
)%
UK
 
54
6.7
24.6
%
(
5.0
)
%
(1.0
)
%
0.
8
%
(
b
)
GROUP
2,22
0.6
100.0
%
(2.6)
%
(1.6)
%
(4.3
)%



Terry Burman, Grou
p Chief Executive, commented "
In the US
,
 s
ame 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 uncertaint
y
,
 
and
 same store sales
 were
 down by about 
1
1
%
.
The 
UK
 division
 
continued to outperform the non-food retail sector 
on a
 same store sales 
basis
.  
Until mid
-
October, 
the
 performance was
 broadly similar to 
that reported by the business for 
the 
second quarter
 but
 
i
n the last three weeks
 
same store sales 
declined by some 8%
.
In
 a
 very
 
difficult
 trading
 environment on both sides of the 
Atlantic
,
 
w
e 
have a strong business which we 
continue to 
manage cautiously
. Our 
focus 
is 
on 
maximizing gross margin dollars, a 
tight control of cost
s
 
and 
inventory
,
 
a
s well as
 
maintain
ing
 a strong
 balance sheet
.
"

Enquiries:
Terry Burman, Group Chief Executive
+ 1 
441
 
296
 
5872

Walker Boyd, Group Finance Director
+ 1 
441
 
296
 
5872



Press:
John Dudzinsk
y, Taylor Rafferty
+1 212 889 43
50

Jonathan Glass, 
Brunswick
+44 (0)20 7404 5959


    
    
Signet
 
operated 1,
991
 
special
ty retail jewelry stores at 
 Novem
ber 
1
, 
2008
; these included 1
,
4
31
 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 
5
60
 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 R
elations Program Details
 
Third Quarter Results
The results for the 
13 and 39 week 
period
s
 to 
Novem
ber
 1,
 200
8
 
are expected to 
be announced at 
7
.30 
a.m
.
 (
EST
) on 
Tuesday November 
25, 
200
8
. On that day there will be a conference c
all chaired by Terry Burman at 
9
.00 
a
.m.
 (
EST
) (
2.00 p.m.
 
GMT
 and 
6.00 a.m.
 Pacific Time) and a simultaneous 
audio
cast available at 
www.signetjewelers.com
. The details for the conference call on the results are:
    

US dial-in:
+1 718 354 1388

US
 48hr replay:
+1 718 354 1112
Access code: 5540805#



European dial-in:
+44 (0)20 7806 1957

European 48hr replay:
+44 (0)20 7806 1970
Access code: 5540805#




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 
analyzing
 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 November 1, 2008


13 weeks to
November
 1
,
 
200
8
as reported

13 weeks to 
Novem
ber
 3
,
 
200
7
as reported 

Change
 at actual exchange 
rates


Impact of exchange rate movement

At constant exchange rates 
(non-GAAP)

Change
 at constant exchange
 rates 
(non-GAAP)


$
m

$
m

%

$
m

$
m

%
Sales by origin and destination












US

467.
2

488.2

(
4.3
)

-

488.2

(
4.3
)
UK
, Channel Islands & Republic of 
Ireland

1
62.
2

190.5

(14.9
)

(
21.1
)

169.4

(4.3
)


6
29.
4

678.7

(7.
3
)

(21.1
)

6
57.6

(4.3
)




 
 

39 weeks to 
November
 
1,
 
200
8

39 weeks to 
November
 1
,
 
200
8
as reported

39 weeks to 
Novem
ber
 3
,
 
200
7
as reported 

Change
 at actual exchange 
rates

Impact of exchange rate movement

At constant exchange rates 
(non-GAAP)

Change
 at constant exchange
 rates 
(non-GAAP)


$
m

$
m

%

$
m

$
m

%
Sales by origin and destination












US

1,6
73.9

1,705.1

(1.
8
)

-

1,705.1

(1.
8
)
UK
, Channel Islands & Republic of 
Ireland

5
4
6.7

575.4

(
5.0
)

(
23.0
)

5
52.4

(
1.0
)


2,2
2
0.6

2,280.5

(2.6
)

(23.0
)

2,2
57.5

(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 the Company 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 jewelry 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 Annual Report
& Accounts 
of Signet Group plc 
furnished as an exhibit to its Report on Form 6-K
 
furnished
 with the U.S. Securities and Exchange Commission on 
May 
1
,
 
200
8
 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.

 

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 JEWELERS LIMITED
   
 

By: /s/ Walker Boyd
   
   
 

Name: Walker Boyd
 

Title:  Group Finance Director


Date:  6 November 2008