Key Financial Data
The financial data included below for Fiscal 2011, Fiscal 2010 and Fiscal 2009 have been derived from the audited consolidated financial statements included in Item 8. The financial data for these periods should be read in conjunction with the financial statements, including the notes thereto, and Item 7 of Form 10-K. The financial data included below for Fiscal 2008 and Fiscal 2007 have been derived from the previously published consolidated audited financial statements not included in this document.
The financial statements of Signet for Fiscal 2008 and Fiscal 2007 were prepared in accordance with International Financial Reporting Standards, which differ in certain respects from US GAAP. Any figures used for these years have been converted to US GAAP in the Annual Report on Form 10-K.
Historic per share data have been adjusted to take account of the 1-for-20 reverse share split (share consolidation) undertaken as part of the move of the primary listing of the shares of the parent company to the NYSE, effective September 11, 2008.
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| Fiscal 2011(1) $m | Fiscal 2010(1) $m | Fiscal 2009(1) $m | Fiscal 2008(1)(2) $m | Fiscal 2007(1)(2)(3) $m | |
|---|---|---|---|---|---|
| Income statement: | |||||
| Sales | 3,437.4 | 3,273.6 | 3,328.0 | 3,645.6 | 3,537.6 |
| Cost of sales | (2,194.5) | (2,208.0) | (2,262.2) | (2,410.1) | (2,259.8) |
| Gross margin | 1,242.9 | 1,065.6 | 1,065.8 | 1,235.5 | 1,277.8 |
| Selling, general and administrative expenses | (980.4) | (916.5) | (969.2) | (1,000.8) | (979.6) |
| Impairment of goodwill | - | - | (516.9) | - | - |
| Relisting costs | - | - | (10.5) | - | - |
| Other operating income, net | 110.0 | 115.4 | 119.2 | 108.8 | 91.5 |
| Operating income/(loss), net | 372.5 | 264.5 | (311.6) | 343.5 | 389.7 |
| Interest income | 0.7 | 0.8 | 3.6 | 6.3 | 16.7 |
| Interest expense | (72.8) | (34.8) | (32.8) | (28.8) | (34.2) |
| Income/(loss) before income taxes | 300.4 | 230.5 | (340.8) | 321.0 | 372.2 |
| Income taxes | (100.0) | (73.4) | (61.8) | (110.6) | (128.9) |
| Net income/(loss) | 200.4 | 157.1 | (402.6) | 210.4 | 243.3 |
| Earnings/(loss) per share: basic | 2.34 | $1.84 | $(4.72) | $2.47 | $2.81 |
diluted | 2.32 | $1.83 | $(4.72) | $2.44 | $2.75 |
| Dividends per share | - | - | $1.45 | $1.45 | $1.43 |
| Balance sheet: | |||||
| Total assets | 3,089.8 | 3,044.9 | 3,064.5 | 3,702.6 | 3,601.1 |
| Total liabilities | (1,150.8) | (1,341.3) | (1,541.8) | (1,459.5) | (1,441.9) |
| Total shareholders equity | 1,939.0 | 1,703.6 | 1,522.7 | 2,243.1 | 2,159.2 |
| Working capital | 1,831.3 | 1,814.3 | 1,677.4 | 1,781.4 | 1,730.2 |
| Cash and cash equivalents | 302.1 | 316.2 | 96.8 | 41.7 | 152.3 |
| Loans and overdrafts | (31.0) | (44.1) | (187.5) | (36.3) | (5.5) |
| Long term debt | - | (280.0) | (380.0) | (380.0) | (380.0) |
| Net cash/(debt)(4) | 271.1 | (7.9) | (470.7) | (374.6) | (233.2) |
| Common shares in issue (million) | 86.2 | 85.5 | 85.3 | 85.3 | 85.7 |
| Cash flow: | |||||
| Net cash provided by operating activities | 323.9 | 515.4 | 164.4 | 140.8 | 199.3 |
| Net cash flows used in investing activities | (55.6) | (43.5) | (113.3) | (139.4) | (123.8) |
| Net cash (used in)/provided by financing activities | (283.1) | (251.7) | 36.9 | (115.8) | (28.4) |
| Increase/(decrease in cash and cash equivqalents | 14.8 | 220.2 | 88.0 | 114.4 | 47.1 |
| Ratios: | |||||
| Effective tax rate | 33.3% | 31.8% | (18.1%) | 34.5% | 34.6% |
| ROCE(4) | 23.0% | 15.0% | 10.6% | 17.1% | 22.5% |
| Fixed charge cover(4) | 2.4x | 2.0x | 1.9x | 2.3x | 2.6x |
| Fiscal 2011 | Fiscal 2010 | Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | |
|---|---|---|---|---|---|
| Store data: | |||||
| Store numbers (at end of period) | |||||
| US | 1,317 | 1,361 | 1,401 | 1,399 | 1,308 |
| UK | 540 | 552 | 558 | 563 | 581 |
| Percentage (decrease)/increase in same store sales(4) | |||||
| US | 8.9% | 0.2% | (9.6)% | (1.5)% | 6.1% |
| UK | (1.4%) | (2.4%) | (3.3%) | 2.0% | 1.2% |
| Signet | 6.7% | (0.4%) | (8.1%) | (0.6%) | 4.7% |
| Number of employees (full time equivalents) | 16,229 | 16,320 | 16,195 | 17,243 | 16,836 |
(1) During the third quarter of Fiscal 2011, Signet changed its accounting for extended service plans. Previously, revenue from the sale of extended service plans was deferred, net of direct costs arising from the sale, and was recognized in proportion to the historical actual claims incurred. Signet has conducted a review of the claims cost patterns, including estimates of future claims costs expected to be incurred, and concluded that the deferral period required extension and that claims cost is a more appropriate basis for revenue recognition than the number of claims incurred. Signet now defers all revenues and recognizes direct costs in proportion to the revenue recognized. These changes are in accordance with ASC 605-20-25. The impact resulted in an overstatement of extended service plan revenue and an understatement of deferred revenue. These plans are only sold by the US division and therefore only affect the US segment reporting.
(2) Based on audited IFRS, converted to US GAAP.
(3) 53 week year.
(4) Net cash/(debt), ROCE, fixed charge cover and same store sales are non-GAAP measures, see “GAAP and non-GAAP Measures” below.
The following table summarizes the impact of the extended service plan accounting change on Signet’s selected consolidated financial data for Fiscal 2010, Fiscal 2009, Fiscal 2008 and Fiscal 2007.
| Fiscal 2010 $m | Fiscal 2009 $m | Fiscal 2008 $m | Fiscal 2007(2) $m | |||||
|---|---|---|---|---|---|---|---|---|
| As previously reported | As corrected | As previously reported | As corrected | As previously reported | As corrected | As previously reported | As corrected | |
| Income statement: | ||||||||
| Sales | 3,290.7 | 3,273.6 | 3,343.3 | 3,328.0 | 3,665.3 | 3,645.6 | 3,559.2 | 3,537.6 |
| Cost of sales | (2,213.8) | (2,208.0) | (2,264.2) | (2,262.2) | (2,414.6) | (2,410.1) | 2,266.3 | (2,259.8) |
| Gross margin | 1076.9 | 1,065.6 | 1,080.1 | 1,065.8 | 1,250.7 | 1,235.5 | 1,292.9 | 1,277.8 |
| Operating income/(loss), net | 275.8 | 264.5 | (297.3) | (311.6) | 358.7 | 343.5 | 404.8 | 389.7 |
| Income/(loss) before income taxes | 241.8 | 230.5 | (326.5) | (311.6) | 336.2 | 321.0 | 387.3 | 372.2 |
| Income taxes | (77.7) | (73.4) | (67,2) | (61.8) | (116.4) | (110.6) | (134.6) | (128.9) |
| Net income/(loss) | 164.1 | 157.1 | (393.7) | (402.6) | 219.8 | 210.4 | 252.7 | 243.3 |
| Earnings/(loss) per share: basic | $1.92 | $1.84 | $(4.62) | $(4.72) | $2.58 | $2.47 | $2.92 | $2.81 |
diluted | $1.91 | $1.83 | (4.62) | $(4.72) | $2.55 | $2.44 | $2.86 | $2.75 |
| Balance sheet: | ||||||||
| Total assets | 2,924.2 | 3,044.9 | 2,953.9 | 3,064.5 | 3,599.4 | 3,702.6 | 3,508.2 | 3,601.1 |
| Total liabilities | (1,126.6) | (1,341.3) | (1,344.2) | (1,541.8) | (1,278.2) | (1,459.5) | (1,280.3) | (1,441.9) |
| Total shareholders equity | 1,797.6 | 1,703.6 | 1,609.7 | 1,522.7 | 2,321.2 | 2,243.1 | 2,227.9 | 2,159.2 |
| Working capital | 1814.5 | 1,814.3 | 1,675.9 | 1,677.4 | 1,776.3 | 1,781.4 | 1,723.5 | 1,730.2 |
| Ratios: | ||||||||
| Effective tax rate | 32.1% | 31.8% | (20.6%) | (18.1%) | 34.6% | 34.5% | 34.8% | 34.6% |
| ROCE(1) | 14.4% | 15.0% | 10.6% | 10.6% | 16.9% | 17.1% | 22.1% | 22.5% |
(1) ROCE is a non-GAAP measure, see “GAAP and non-GAAP Measures”.
(2) 53 week year.