Released: 29/11/2001

Signet Group plc (LSE: SIG and Nasdaq NMS: SIGY), the world's largest speciality retail jeweller, today announced results for the 13 weeks and for the 39 weeks to 27 October 2001.

Group

In the 13 weeks to 27 October 2001, Group total sales rose by 2.1% to £268.8 million (2000/01: £263.4 million), an increase of 2.4% at constant exchange rates. Like for like sales were down by 0.9%. Group operating profit was £7.2 million (2000/01: £10.8 million); the prior year included net one-off costs of £1.3 million. Net interest payable for the 13 weeks decreased to £3.8 million (2000/01: £5.1 million). Group profit before tax was £3.4 million (2000/01: £5.7 million). The third quarter is traditionally a period of low profitability. Therefore while the decline in results was significant in relation to the comparable figure last year it should have relatively little effect on the year as a whole.

In the 39 week period, total sales grew by 13.9% to £898.5 million (2000/01: £789.1 million), an increase of 9.6% at constant exchange rates. Like for like sales increased by 0.9%. Group operating profit was £57.3 million (2000/01: £54.8 million); the prior year included net one-off costs of £0.3 million. Profit before tax was £43.6 million (2000/01: £44.4 million). Earnings per share were 1.7p (2000/01: 1.8p).

United States (circa 71% of Group annual sales)

In the 13 weeks, US total sales increased by 0.5% (1.0% at constant exchange rates) to £182.3 million (2000/01: £181.5 million). Like for like sales were down 4.4% and operating profit fell to £4.2 million (2000/01: £7.5 million after one-off costs of £1.7 million). In this, the lowest earnings period in the year, the like for like sales decline had a disproportionate effect on the percentage change in profitability.

In the 39 weeks to 27 October 2001, US total sales advanced by 16.4% (10.3% at constant exchange rates) to £645.2 million (2000/01: £554.4 million). Like for like sales were down by 2.3%. Operating profit was £52.3 million (2000/01: £51.0 million). The gross margin rate was in line with that achieved in the same period last year and the bad debt charge was 3.6% (2000/01: 3.4%). The operating margin was 8.1% (2000/01: 9.2%).

United Kingdom (circa 29% of Group annual sales)

In the third quarter UK total sales grew by 5.6% to £86.5 million (2000/01: £81.9 million), the like for like sales increase being 7.2%. Operating profit rose by 7.5% to £4.3 million (2000/01: £4.0 million). Compared to last year the quarter saw greater investment in marketing programmes and store refurbishments ahead of the Christmas trading period.

In the 39 weeks to 27 October 2001, total sales rose by 7.9% to £253.3 million (2000/01: £234.7 million) and like for like sales grew by 9.1%. The gross margin rate increased slightly and operating profit increased to £9.0 million (2000/01: £6.3 million).

Group Costs, Taxation and Net Debt

In the 13 week period, Group costs were £1.3 million (2000/01: £0.7 million), the prior year benefiting from £0.4 million of property disposal profits. In the 39 weeks Group costs were £4.0 million (2000/01: £2.5 million including £1.4 million of property disposal profits). As anticipated the tax rate increased to 34.5% (2000/01: 32.0%). Net debt at 27 October 2001 was £300.6 million (28 October 2000: £299.5 million).

The Group has recently put in place a five year facility of $251 million secured on its US credit card receivables at a fixed rate of 5.42%. The terms are similar to the previous facility of $191.5 million which amortised during the year and had a fixed rate of 7.26%. This new facility is in addition to the five year $410 million unsecured multi-currency revolving credit facility entered into in August 2001.

Comment

Terry Burman, Group Chief Executive, said "We take some reassurance from the Group results in the nine months to date with profit before tax maintained at close to last year's level. The US business gained market share and UK sales growth was at the upper end of retail sector performance.

In the third quarter the UK business continued to perform well. The US business remained tightly managed and demonstrated considerable resilience against the background of a difficult trading environment and the effect of the tragic events of 11 September.

New initiatives continued to be introduced in the key areas of merchandising, marketing and store operations and both businesses are in good shape. However the economic outlook remains uncertain and the outcome for the year as a whole will, as always, be significantly influenced by market conditions that prevail during the Christmas period."

Signet operates 1,644 speciality retail jewellery stores. These include 1,038 stores in the US, where the Group trades as "Kay Jewelers", "Jared - The Galleria Of Jewelry" and under a number of regional names. Signet operates 606 stores in the UK, under the "H.Samuel", "Ernest Jones" and "Leslie Davis" names.

Enquiries:	Terry Burman, Group Chief Executive	+44 (0) 20 7399 9520
	Walker Boyd, Group Finance Director	+44 (0) 20 7399 9520
	Mike Smith, Brunswick	+44 (0) 20 7404 5959
	Rupert Young, Brunswick	+44 (0) 20 7404 5959

This statement contains certain forward-looking information that is based upon management's beliefs as well as on assumptions made by and data currently available to management. This information which has been, or in the future may be, included in reliance on the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995, is subject to a number of risks and uncertainties, including but not limited to the factors identified in the Company's 2001 Annual Report and Form 20-F and other documents filed with the Securities and Exchange 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.

There will be a conference call for all interested parties today at 2.00 pm (GMT) (9.00 am EST and 6.00 am Pacific Time) and a simultaneous webcast at www.signetgroupplc.com. The call details are:

	European dial-in:	+44 (0) 20 8240 8241	Password: "Signet"
	48 hr replay:	+44 (0) 20 8288 4459	Access code: 633252
	US dial-in:	+1 303 267 1000	Password: "Signet"
	48 hr replay:	+1 303 804 1855	Access code: 1301586

Click here to access the Interim Results audio webcast.

Click here to view the full Third Quarter Results in PDF format.