Signet Reports Third Quarter Sales

HAMILTON, Bermuda, Nov. 6  /PRNewswire-FirstCall/ -- Signet Jewelers Ltd (NYSE and LSE: SIG), the world's largest specialty retail jeweler, today announced its sales performance for the 13 and 39 weeks to November 1, 2008.

13 WEEKS TO NOVEMBER 1, 2008

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, 2007: $678.7 million) reflecting an underlying decrease of 4.3% at constant exchange rates (see note 1).  The breakdown of the sales performance was as follows:

                       Sales                Change on Previous Year
                       -----          --------------------------------------
                                                 At Constant        Same
                $m       % of Total   Reported  Exchange Rates   Store 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)%

  (a) Same store sales: H.Samuel down by (1.6)% and Ernest Jones down by
      (3.3)%.



  39 WEEKS TO November 1, 2008


Group same store sales declined by 4.3% in the 39 week period.  Total sales were down by 2.6% on a reported basis to $2,220.6 million (39 weeks to November 3, 2007: $2,280.5 million) reflecting an underlying decrease of 1.6% at constant exchange rates (see note 1).  The average US dollar exchange rate for the period was pounds Sterling 1/$1.92 (39 weeks to November 3, 2007: pounds Sterling 1/$2.00).  The breakdown of the sales performance was as follows:

                       Sales                Change on Previous Year
                       -----          --------------------------------------
                                                 At Constant        Same
                $m       % of Total   Reported  Exchange Rates   Store Sales
  US         1,673.9        75.4%       (1.8)%      (1.8)%         (6.0)%
  UK           546.7        24.6%       (5.0)%      (1.0)%          0.8%(b)
  GROUP      2,220.6       100.0%       (2.6)%      (1.6)%         (4.3)%

  (b) Same store sales: H.Samuel up by 1.1% and Ernest Jones up by 0.5%.





Terry Burman, Group Chief Executive, commented, "In the US, 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%.

"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 in the last three weeks same store sales declined by some 8%.

"In a very difficult trading environment on both sides of the Atlantic, we have a strong business which we continue to manage cautiously.  Our focus is on maximizing gross margin dollars, a tight control of costs and inventory, as well as maintaining 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 Dudzinsky, Taylor Rafferty      [phone]
               Jonathan Glass, Brunswick            [phone]




Signet operated 1,991 specialty retail jewelry stores at November 1, 2008; these included 1,431 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 560 stores in the UK, where the Group trades as "H.Samuel", "Ernest Jones" and "Leslie Davis".  Further information on Signet is available at http://www.signetjewelers.com/. See also http://www.kay.com/, http://www.jared.com/, http://www.hsamuel.co.uk/ and http://www.ernestjones.co.uk/.

  Investor Relations Program Details

  Third Quarter Results


The results for the 13 and 39 week periods to November 1, 2008 are expected to be announced at 7.30 a.m. (EST) on Tuesday, November 25, 2008.  On that day there will be a conference call 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 audiocast available at http://www.signetjewelers.com/. The details for the conference call on the results are:

  US dial-in:             [phone]
  US 48hr replay:         [phone]      Access code: 5540805#

  European dial-in:       [phone]
  European 48hr replay:   [phone]  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                                                       Change
   November 1,                                                         at
   2008         13 weeks    13 weeks   Change     Impact      At    constant
                   to          to        at         of     constant exchange
               November 1, November 3,  actual   exchange  exchange   rates
                 2008 as     2007 as   exchange    rate      rates    (non-
                reported    reported    rates    movement  (non-GAAP)  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        162.2       190.5     (14.9)     (21.1)     169.4    (4.3)
                  629.4       678.7      (7.3)     (21.1)     657.6    (4.3)



  39 weeks to                                                        Change
   November 1,                                                         at
   2008         39 weeks    39 weeks   Change     Impact      At    constant
                   to          to        at         of     constant exchange
               November 1, November 3,  actual   exchange  exchange   rates
                 2008 as     2007 as   exchange    rate      rates    (non-
                reported    reported    rates    movement  (non-GAAP)  GAAP)
               ----------- ----------- --------- --------- --------- -------

                   $m          $m          %        $m         $m        %

  Sales by
   origin and
   destination
  US            1,673.9     1,705.1      (1.8)         -    1,705.1    (1.8)
  UK, Channel
   Islands &
   Republic of
   Ireland        546.7       575.4      (5.0)     (23.0)     552.4    (1.0)
                2,220.6     2,280.5      (2.6)     (23.0)   2,257.5    (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, 2008 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. 

DATASOURCE: Signet Jewelers Ltd



CONTACT:  Terry Burman, Group Chief Executive, [phone], or Walker

Boyd, Group Finance Director, [phone], both of Signet Jewelers Ltd; or

Press:  John Dudzinsky of Taylor Rafferty, [phone]; or Jonathan Glass

of Brunswick, [phone]



Web site:  http://www.signetjewelers.com/ 

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