Released: 05/04/2006

•	Group total sales: £1,752.3m	up 8.5%
•	Group like for like sales	up 2.4%
•	Group profit before tax: £200.4m	down 1.7%
•	Earnings per share: 7.5p	down 3.8%
•	Total annual dividend per share: 3.3p	up 10.0%

These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”), see note 13 for further details.

Divisional Highlights

•	US:	- Division now largest US speciality jewellery retailer with 8.2% market share
		- Kay strengthened its No.1 speciality brand position with sales up 9.9% to $1,290m
		- Jared joined top-five brands in sector with sales of $534m
		- Rough diamond sourcing initiative commenced
		- $1 billion new store investment programme over next five years
•	UK:	- Diamonds now 29% of product mix, versus 22% in 2000/01
		- 228 stores trading in modernised format

Terry Burman, Group Chief Executive, commented: “The US business again significantly outperformed its main competition and gained further market share. The business has now become the largest US speciality jewellery retailer by sales. Over the next five years it is planned to invest some $1 billion in new US store space. In the longer term there is the potential to double the number of stores.

Despite very challenging trading conditions, which resulted in a fall in profitability, the UK business still achieved a healthy 10.5% operating margin, a 26.6% return on capital employed and strong cash flow. While the UK business has undergone significant changes in recent years there are still many opportunities for further improvement.

In the year to date, US like for like sales have increased at a similar rate to that achieved in the year to 28 January 2006. The gross margin eased reflecting the expansion of Jared, product mix changes and higher commodity costs. In the UK, the like for like sales decline during the nine week period reduced to low single digits. Valentine’s Day promotions and a stronger performance by the insurance replacement business resulted in some reduction in gross margin.”

Enquiries:

Terry Burman, Group Chief Executive	+44 (0) 20 7317 9700
Walker Boyd, Group Finance Director	+44 (0) 20 7317 9700
Susan Gilchrist, Brunswick	+44 (0) 20 7404 5959
Pamela Small, Brunswick	+44 (0) 20 7404 5959

Signet operated 1,814 speciality retail jewellery stores at 28 January 2006; these included 1,221 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 593 stores in the UK, where the Group trades as “H.Samuel”, “Ernest Jones”, and “Leslie Davis”.

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