FORM 6-K

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 May 4, 2006

 

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-

Signet Group plc (LSE: SIG, NYSE: SIG)   Embargoed until 12.30 p.m. (BST)  
  4 May 2006  

SIGNET'S FIRST QUARTER LIKE FOR LIKE SALES UP 2.8%

Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retail jeweller, today announced its sales performance for the 13 weeks from 29 January to 29 April 2006.

Group like for like sales rose by 2.8% in the first quarter. Total sales were up by 13.7% on a reported basis to £419.6 million (13 weeks to 30 April 2005: £369.2 million). At constant exchange rates the increase was 7.2% (see Note 1) due to the strengthening of the US dollar from $1.89/£1 to $1.75/£1. The breakdown of the sales performance was as follows:

Sales        Change on Previous Year       
  £m % of Total Reported At Constant
Exchange Rates		 Like for Like
US   328.3 78.2 18.1%(a) 9.4%(a) 3.9%(a)

UK		   91.3 21.8 0.0%    0.0%    -0.7%(b)

GROUP		   419.6 100.0 13.7%    7.2%    2.8%   

(a) The growth in US total sales in the quarter is estimated to have been adversely affected by over 3% as a result of a change in the timing of Mother's Day. The like for like sales comparison has been similarly affected.
(b) Like for like sales: H.Samuel -2.4% and Ernest Jones +1.3%.

Terry Burman, Group Chief Executive, commented, "The US division had a strong first quarter with underlying like for like sales up by over 7% after taking account of the change in timing of Mother's Day. In the UK, the general retail environment remains challenging and divisional like for like sales showed a small decrease of 0.7%. As indicated at the time of the preliminary results, there has been some reduction in gross margin in both divisions."

Enquiries: Terry Burman, Group Chief Executive   +44 (0) 20 7317 9700  
Walker Boyd, Group Finance Director  +44 (0) 20 7317 9700 

Mike Smith, Brunswick		 
+44 (0) 20 7404 5959		 
Pamela Small, Brunswick  +44 (0) 20 7404 5959 

Signet operated 1,837 speciality retail jewellery stores at 29 April 2006; these included 1,246 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 591 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.

The first quarter earnings results for the 13 weeks ended 29 April 2006 are expected to be announced on Friday 9 June 2006 at 7.30 a.m. and a conference call on that day for all interested parties is expected to take place at 2.00 p.m. (BST).

  European dial-in:   +44 (0) 20 7138 0835      
  European replay until June 13:   +44 (0) 20 7806 1970 Access code: 8494713#

 		 US dial-in:   +1 718 354 1172  
  US replay until June 13:   +1 718 354 1112   Access code: 8494713#  

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
29 April
2006

 13 weeks to
30 April
2005

 Growth at
actual
exchange
rates
 Impact of
exchange
rate
movement
 At constant
exchange
rates
(non-GAAP)
 Growth at
constant
exchange
rates
(non-GAAP)
£m £m % £m £m %
Sales by origin and destination  
UK, Channel Islands & Republic of Ireland  91.3 91.3 0.0 -   91.3 0.0  
US  328.3 277.9 18.1 22.2 300.1 9.4
   419.6 369.2 13.7 22.2 391.4 7.2

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 2005/06 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 4, 2006 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:   May 4, 2006