Latest Results
Fiscal 2012 US GAAP Quarterly Financial Statements
Same Store Sales
Income Statement
Segmental information
Balance Sheet
Cash flows
Same Store Sales
| Q1
| Q2
| Q3
| Q4
| Full year
|
|---|
| Kay | 13.9% | 13.5% | 13.0% | | |
|---|
| Jared | 11.8% | 12.6% | 18.3% | | |
|---|
| Regionals | 6.5% | 4.0% | 4.3% | | |
|---|
| US | 12.5% | 12.2% | 13.9% | | |
|---|
| | | | | | |
| H.Samuel | 2.7% | 3.3% | 0.0% | | |
|---|
| Ernest Jones | (2.4)% | (0.7)% | (1.1)% | | |
|---|
| UK | 0.2% | 1.4% | (0.5)% | | |
|---|
| | | | | | |
| Signet | 10.2% | 9.9% | 10.6% | | |
|---|
Income Statement
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
Cost of sales | 887.3
(537.6) | 797.6
(502.8) | 710.5
(480.6) |
|
|
|---|
| Gross margin | 349.7 | 294.8 | 229.9 | | |
|---|
| Selling, general and administrative expenses | (263.8) | (224.5) | (219.6) | | |
|---|
| Other operating income, net | 32.8 | 32.0 | 32.2 | | |
|---|
Operating income, net
Interest expense, net | 118.7
(0.9) | 102.3
(2.5) | 42.5
(0.4) |
|
|
|---|
Income before income taxes
Income taxes | 117.8
(42.4) | 99.8
(33.5) | 42.1
(16.0) |
|
|
|---|
| Net income | 75.4 | 66.3 | 26.1 | | |
|---|
| | | | | | |
|---|
Earnings per share
- basic
- diluted | $0.87
$0.87 | $0.77
$0.76 | $0.30
$0.30
|
|
|
|---|
Segmental Information| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
US
UK |
738.0
149.3 |
643.0
154.6 |
563.0
147.5
|
|
|
|---|
| Total sales | 887.3 | 797.6 | 710.5 | | |
|---|
Operating income/(loss), net
US
UK
Unallocated |
126.2
(0.2)
(7.3) |
104.4
2.8
(4.9) |
56.4
(5.0)
(8.9) |
|
|
|---|
| Total operating income, net | 118.7 | 102.3 | 42.5 | | |
|---|
Balance Sheet| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Assets:
Current assets | | | | | |
|---|
| Cash and cash equivalents | 394.1 | 440.2 | 349.6 | | |
|---|
| Accounts receivable, net | 904.3 | 906.8 | 891.2 | | |
|---|
| Other receivables | 25.2 | 29.4 | 27.5 | | |
|---|
| Other current assets | 84.6 | 91.5 | 97.7 | | |
|---|
| Deferred tax assets | 2.7 | 1.6 | 0.4 | | |
|---|
| Inventories | 1,221.2 | 1,202.8 | 1,414.0 | | |
|---|
| Total current assets | 2,632.1 | 2,672.3 | 2,780.4 | | |
|---|
| Non-current assets | | | | | |
|---|
| Property, plant and equipment, net | 373.3 | 374.8 | 385.8 | | |
|---|
| Other assets | 60.9 | 62.5 | 63.1 | | |
|---|
| Deferred tax assets | 106.2 | 107.9 | 102.2 | | |
|---|
| Retirement benefit asset | 27.1 | 30.0 | 32.6 | | |
|---|
| | | | | | |
|---|
| Total assets | 3,199.6 | 3,247.5 | 3,364.1 | | |
|---|
Liabilities and shareholders' equity:
Current liabilities | | | | | |
|---|
| Loans and overdrafts | 28.0 | 13.1 | 33.6 | | |
|---|
| Accounts payable | 144.9 | 137.5 | 195.1 | | |
|---|
| Accrued expenses and other current liabilities | 247.2 | 244.2 | 270.1 | | |
|---|
| Deferred revenue | 142.5 | 135.9 | 135.5 | | |
|---|
| Deferred tax liabilities | 102.2 | 105.3 | 108.3 | | |
|---|
| Income taxes payable | 43.4 | 44.7 | 30.0 | | |
|---|
| Total current liabilities | 708.2 | 680.7 | 772.6 | | |
|---|
| Non-current liabilities | | | | | |
|---|
| Long-term debt | - | - | - | | |
|---|
| Other liabilities | 86.4 | 88.1 | 89.0 | | |
|---|
| Deferred revenue | 360.5 | 359.5 | 354.3 | | |
|---|
| Retirement benefit obligation | - | - | - | | |
|---|
| | | | | | |
|---|
| Total liabilities | 1,155.1 | 1,128.3 | 1,215.9 | | |
|---|
| | | | | | |
|---|
| Total shareholders' equity | 2,044.5 | 2,119.2 | 2,148.2 | | |
|---|
| | | | | | |
|---|
| Total liabilities and shareholders' equity | 3,199.6 | 3,247.5 | 3,364.1 | | |
|---|
Cash Flows| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
| Cash flows from operating activities: | | | | | |
|---|
| Net income | 75.4 | 66.3 | 26.1 | | |
|---|
| Adjustments for: | | | | | |
|---|
| Depreciation of property, plant and equipment | 22.5 | 22.5 | 22.3 | | |
|---|
| Pension | (2.7) | (2.9) | (2.7) | | |
|---|
| Share-based compensation | 2.7 | 4.3 | 5.3 | | |
|---|
| Deferred taxation | (0.5) | (1.9) | 4.6 | | |
|---|
| Facility amendment fee amortization and charges | 0.2 | 1.4 | 0.1 | | |
|---|
| Other non-cash movements | (0.1) | (0.4) | (0.5) | | |
|---|
| Loss on disposal of property, plant and equipment | - | - | 0.1 | | |
|---|
| Changes in operating assets and liabilities: | | | | | |
|---|
| Decrease/(increase) in accounts receivable | 32.0 | (2.7) | 15.4
| | |
|---|
| Decrease/(increase) in other receivables and other assets | 11.9 | (5.8) | 2.5 | | |
|---|
| Decrease/(increase) in other current assets | 8.1 | 0.3 | (5.0) | | |
|---|
| (Increase)/decrease in inventories | (24.3) | 17.8 | (205.0) | | |
|---|
| Increase/(decrease) in accounts payable | 17.9 | (7.1) | 49.4 | | |
|---|
| (Decrease)/increase in accrued expenses and other liabilities | (47.3) | 1.5 | 28.1 | | |
|---|
| Increase/(decrease) in deferred revenue | 3.5 | (7.5) | (5.4) | | |
|---|
| Increase/(decrease) in income taxes payable | 4.7 | 1.4 | (14.5) | | |
|---|
| Effect of exchange rate changes on currency swaps | 1.3 | (0.4) | 0.7 | | |
|---|
| Net cash provided by/(used in) operating activities | 105.3 | 86.8 | (78.5) | | |
|---|
Investing activities: | | | | | |
|---|
| Purchase of property, plant and equipment | (12.9) | (25.4) | (34.7) | | |
|---|
| Proceeds from sale of property, plant and equipment | - | - | - | | |
|---|
| Net cash used in investing activities | (12.9) | (25.4) | (34.7) | | |
|---|
Financing activities: | | | | | |
|---|
| Proceeds from issue of common shares | 4.0 | 0.4 | 1.2 | | |
|---|
| Credit facility fees paid | (0.2) | (1.4) | (0.1) | | |
|---|
| (Repayment of)/proceeds from short-term borrowings | (4.0) | (14.3) | 20.7 | | |
|---|
| Repayment of long-term debt | - | - | - | | |
|---|
| Net cash (used in)/provided by financing activities | (0.2) | (15.3) | 21.8 | | |
|---|
| Cash and cash equivalents at beginning of period | 302.1 | 394.1 | 440.2 | | |
|---|
| Increase in cash and cash equivalents | 92.2 | 46.1 | (91.4) | | |
|---|
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | - | 0.8 | | |
|---|
| Cash and cash equivalents at end of period | 394.1 | 440.2 | 349.6 | | |
|---|
