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."
Tim Jackson, Investor Relations Director, Signet
+1 (441) 296 5872
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
"should," "potential," "may,"
"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.