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Signet Jewelers Ltd. : Signet Announces $300 Million Share Repurchase Program

10/26/2011 | 08:00am US/Eastern
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Signet Announces $300 Million Share Repurchase Program

26 Oct 2011

Hamilton, Bermuda, October 26, 2011 - Signet Jewelers Ltd ("Signet" or the "Company") (NYSE and LSE: SIG), today announced that its Board of Directors has authorized a program to repurchase up to $300 million of Signet's common shares (the "Program"). The repurchase program will be funded through the Company's existing cash balances.  Repurchased shares may be used by the Company for general corporate purposes.  Repurchases may be made from time to time in the open market, through block trades or otherwise.  The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion, and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors.  The Program may be commenced, suspended or discontinued at any time without notice.  Reflecting the Company's customary trading "quiet periods," the Program will be effective from January 16, 2012, and will last 24 months from that date.

Mike Barnes, Signet's Chief Executive Officer, commented: "The share repurchase program reflects the continued confidence we have in the strength of the business, our ability to invest in growth initiatives and our commitment to build value for long-term shareholders."

Enquiries: Tim Jackson, Investor Relations Director, Signet Jewelers +1 (441) 296 5872
Press: Alecia Pulman, ICR, Inc. +1 (203) 682 8224
Jonathan Glass, Brunswick +44 (0)20 7404 5959

Signet operated 1,850 specialty retail jewelry stores at July 30, 2011, these included 1,314 stores in the US, where its store concepts include "Kay Jewelers," "Jared The Galleria Of Jewelry," and a number of regional names.  At the same date, Signet also operated 536 stores in the UK, where its store concepts are "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 .

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, Signet's results of operation, financial condition, liquidity, prospects, priorities, 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, financial market risks, deterioration in consumers' financial condition, exchange rate fluctuations, changes in consumer attitudes regarding jewelry, management of social, ethical and environmental risks, inadequacy in and disruptions to internal controls and systems, changes in assumptions used in making accounting estimates relating to items such as extended service plans and pensions, and risks relating to Signet being a Bermuda corporation.

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 2011 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 30, 2011.  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.

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