Financial News Releases

Click here to download the slides for the conference call (154KB PDF)

HAMILTON, Bermuda, May 27, 2010 – Signet Jewelers Limited ("Signet") (NYSE and LSE: SIG), the world's largest specialty retail jeweler, today announced its results for the 13 weeks ended May 1, 2010 ("first quarter fiscal 2011").

First Quarter Highlights

• Same store sales: up 5.8%
• Total sales: $810.0 million, up 6.2%
• Income before income taxes: $76.8 million, up 85.5%
• Basic and diluted earnings per share: $0.61 and $0.60, up 96.8% and 93.5%
• Free cash flow now expected to be towards the top end of the anticipated $150 million to $200 million range for fiscal 2011⁽¹⁾

(1) Fiscal 2010 is the year ended January 30, 2010 and fiscal 2011 is the year ending January 29, 2011.

Terry Burman, Chief Executive of Signet commented: "We are very pleased with our start to the year.  Jared and Ernest Jones performed particularly well.  Our ability to create differentiated and sought after product, supported by superior customer service and memorable marketing campaigns, is an important driver of sales.  We continue to focus on enhancing our sustainable competitive advantages, improving our execution and maintaining a strong balance sheet and financial flexibility.  We therefore believe we remain well positioned to gain profitable market share."

Signet  is the world's largest specialty retail jeweler and operated 1,904 stores at May 1, 2010; these included 1,354 stores in the US, where it trades as "Kay Jewelers," "Jared The Galleria Of Jewelry" and under a number of regional names.  At that date Signet also operated 550 stores in the UK division, where it 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.

Conference call
There will be a conference call today at 8.30 a.m. EDT (1.30 p.m. BST and 5.30 a.m. Pacific Time) and a simultaneous audio webcast and slide presentation.  The slides are available to be downloaded  ahead of the conference call.  To help ensure the conference call begins in a timely manner, could all participants please dial in 5 to 10 minutes prior to the scheduled start time.  The call details are:

Investor Relations Program Details

BoA Merrill Lynch 2010 SMID Cap Conference, Boston
Signet will be taking part in the BoA Merrill Lynch small mid cap conference on Wednesday, June 9, 2010. Present will be Terry Burman, Chief Executive and Ron Ristau, CFO Designate. The presentation, which is scheduled for 3.20 p.m. EDT, will be available on www.signetjewelers.com.

Investor day and store tour, Akron, Ohio
An investor day and store tour for professional investors is to be held in Akron, Ohio on Tuesday, June 15, 2010. Please go to www.signetjewelers.com for further details.

Annual general meeting
The annual general meeting is to be held at 11.00 a.m. EDT on June 17, 2010 at the Hilton Akron/Fairlawn, 3180 West Market Street, Akron, Ohio, 44333, USA.

Second quarter results
The second quarter results for the 13 weeks ending July 31, 2010 are expected to be announced on Thursday, August 26, 2010.

This release contains 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 and expectations 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 operations, financial condition, liquidity, prospects, growth, strategies and the industry in which Signet operates. The use of the words "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "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 Signet, the reputation of Signet and its brands, the level of competition in the jewelry sector, the cost and availability of diamonds, gold and other precious metals, regulations relating to consumer credit, seasonality of Signet's business, and financial market risks.

For a discussion of these and other risks and uncertainties which could cause actual results to differ materially, see the "Risk Factors" section of Signet's fiscal 2010 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 30, 2010. Actual results may differ materially from those anticipated in such forward-looking statements. Signet undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.