Fiscal 2011
Fiscal 2011 US GAAP Quarterly Financial Statements
Same Store Sales
Income Statement
Segmental information
Balance Sheet
Cash flows
Item 8.01 Other Events
Same Store Sales
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
| Kay | 4.2% | 2.6% | 8.6% | 10.7% | 7.0% |
|---|
| Jared | 15.8% | 14.0% | 14.3% | 17.5% | 15.7% |
|---|
| Regionals | 2.7% | 1.1% | 2.6% | 1.3% | 1.9% |
|---|
| US | 7.2% | 5.9% | 9.7% | 11.4% | 8.9% |
|---|
| | | | | | |
| H.Samuel | (2.1)% | (1.2)% | (1.6)% | (1.7)% | (1.6)% |
|---|
| Ernest Jones | 1.8% | 0.2% | 0.4% | (4.6)% | (1.1)% |
|---|
| UK | (0.2)% | (0.5)% | (0.6)% | (2.9)% | (1.4)% |
|---|
| | | | | | |
| Signet | 5.8% | 4.5% | 7.2% | 8.1% | 6.7% |
|---|
Income Statement
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
Cost of sales | 805.4
(511.8) | 719.7
(482.5) | 641.8
(448.2) | 1,270.5
(752.0) | 3,437.4
(2,194.5) |
|---|
| Gross margin | 293.6 | 237.2 | 193.6 | 518.5 | 1,242.9 |
|---|
| Selling, general and administrative expenses | (238.5) | (203.7) | (201.5) | (336.7) | (980.4) |
|---|
| Other operating income, net | 27.7 | 27.2 | 26.4 | 28.7 | 110.0 |
|---|
Operating income, net
Interest income
Interest expense | 82.8
0.1
(8.8) | 60.7
0.2
(6.2) | 18.5
0.3
(6.8) | 210.5
0.1
(51.0) | 372.5
0.7
(72.8) |
|---|
Income before income taxes
Income taxes | 74.1
(23.8) | 54.7
(16.0) | 12.0
(6.0) | 159.6
(54.2) | 300.4
(100.0) |
|---|
| Net income | 50.3 | 38.7 | 6.0 | 105.4 | 200.4 |
|---|
| | | | | | |
|---|
Earnings per share
- basic
- diluted | $0.59
$0.58 | $0.45
$0.45 | $0.07
$0.07 | $1.23
$1.21 | $2.34
$2.32 |
|---|
Segmental Information| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
US
UK |
662.5
142.9 |
577.7
142.0 |
497.0
144.8 |
1,007.0
263.5 |
2,744.2
693.2 |
|---|
| Total sales | 805.4 | 719.7 | 641.8 | 1,270.5 | 3,437.4 |
|---|
Operating income/(loss), net
US
UK
Unallocated(1) |
88.4
(1.4)
(4.2) |
60.7
4.7
(4.7) |
25.7
(1.6)
(5.6) |
167.9
55.3
(12.7) |
342.7
57.0
(27.2) |
|---|
| Total operating income, net | 82.8 | 60.7 | 18.5 | 210.5 | 372.5 |
|---|
(1) Unallocated principally relates to central costs that are not allocated to the US and UK divisions in Signet's management accounts.
Balance Sheet| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Assets:
Current assets | | | | | |
|---|
| Cash and cash equivalents | 447.1 | 485.4 | 414.9 | 302.1 | 302.1 |
|---|
| Accounts receivable, net | 801.7 | 797.2 | 769.5 | 935.9 | 935.9 |
|---|
| Other receivables | 25.2 | 25.3 | 22.2 | 38.2 | 38.2 |
|---|
| Other current assets | 69.0 | 67.5 | 77.8 | 79.2 | 79.2 |
|---|
| Deferred tax assets | 0.7 | 1.8 | 1.6 | 2.7 | 2.7 |
|---|
| Income taxes recoverable | - | - | 0.9 | - | - |
|---|
| Inventories | 1,122.0 | 1,126.2 | 1,297.4 | 1,184.2 | 1,184.2 |
|---|
| Total current assets | 2,465.7 | 2,503.4 | 2,584.3 | 2,542.3 | 2,542.3 |
|---|
| Non-current assets | | | | | |
|---|
| Property, plant and equipment, net | 375.2 | 362.1 | 363.3 | 351.5 | 351.5 |
|---|
| Other intangible assets, net | 23.6 | 24.6 | 26.3 | 27.5 | 27.5 |
|---|
| Other assets | 12.0 | 9.8 | 56.5 | 59.7 | 59.7 |
|---|
| Retirement benefit asset | - | 1.1 | 3.2 | 22.8 | 22.8 |
|---|
| Deferred tax assets | 111.4 | 114.9 | 114.0 | 86.0 | 86.0 |
|---|
| | | | | | |
|---|
| Total assets | 3,035.0 | 3,063.3 | 3,147.6 | 3,089.8 | 3,089.8 |
|---|
Liabilities and shareholders' equity:
Current liabilities | | | | | |
|---|
| Loans and overdrafts | 47.2 | 24.9 | 266.7 | 31.0 | 31.0 |
|---|
| Accounts payable | 104.2 | 114.7 | 179.3 | 125.9 | 125.9 |
|---|
| Accrued expenses and other current liabilities | 233.9 | 241.9 | 245.3 | 292.4 | 292.4 |
|---|
| Deferred revenue | 134.7 | 129.0 | 128.1 | 146.0 | 146.0 |
|---|
| Deferred tax liabilities | 79.6 | 78.5 | 97.7 | 77.1 | 77.1 |
|---|
| Income taxes payable | 32.1 | 34.2 | - | 38.6 | 38.6 |
|---|
| Total current liabilities | 631.7 | 623.2 | 917.1 | 711.0 | 711.0 |
|---|
| Non-current liabilities | | | | | |
|---|
| Long-term debt | 229.1 | 229.1 | - | - | - |
|---|
| Other liabilities | 78.9 | 76.9 | 84.8 | 86.6 | 86.6 |
|---|
| Deferred revenue | 343.6 | 342.7 | 336.7 | 353.2 | 353.2 |
|---|
| Retirement benefit obligation | 1.8 | - | - | - | - |
|---|
| | | | | | |
|---|
| Total liabilities | 1,285.1 | 1,271.9 | 1,338.6 | 1,150.8 | 1,150.8 |
|---|
| | | | | | |
|---|
| Total shareholders' equity | 1,749.9 | 1,791.4 | 1,809.0 | 1,939.0 | 1,939.0 |
|---|
| | | | | | |
|---|
| Total liabilities and shareholders' equity | 3,035.0 | 3,063.3 | 3,147.6 | 3,089.8 | 3,089.8 |
|---|
Cash Flows| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
| Cash flows from operating activities: | | | | | |
|---|
| Net income | 50.3 | 38.7 | 6.0 | 105.4 | 200.4 |
|---|
| Adjustments for: | | | | | |
|---|
| Depreciation of property, plant and equipment | 22.4 | 21.1 | 22.0 | 24.2 | 89.7 |
|---|
| Amortization of other intangible assets | 2.0 | 2.0 | 1.8 | 2.3 | 8.1 |
|---|
| Pension expense | (1.9) | (1.9) | (1.2) | (2.0) | (7.0) |
|---|
| Share-based compensation | 2.3 | 2.2 | 3.2 | 9.5 | 17.2 |
|---|
| Deferred taxation | 5.3 | (1.6) | 16.4 | 5.0 | 25.1 |
|---|
| Facility amendment fees included in net income | 2.3 | 0.3 | 0.6 | 1.6 | 4.8 |
|---|
| Other non-cash movements | (0.7) | (1.0) | (0.2) | (0.7) | (2.6) |
|---|
| (Gain)/loss on disposal of property, plant and equipment | - | (0.9) | - | (0.1) | (1.0) |
|---|
| Changes in operating assets and liabilities: | | | | | |
|---|
| Decrease/(increase) in accounts receivable | 55.1 | 4.6 | 27.9 | (166.3) | (78.7) |
|---|
| Decrease/(increase) in other receivables | 2.3 | 0.2 | 3.6 | (21.0) | (14.9) |
|---|
| Decrease/(increase) in other current assets | 9.5 | (1.4) | (6.3) | (5.8) | (4.0) |
|---|
| Decrease/(increase) in inventories | 38.9 | 1.4 | (166.2) | 106.4 | (19.5) |
|---|
| Increase/(decrease) in accounts payable | 38.5 | 9.6 | 63.9 | (52.6) | 59.4 |
|---|
| (Decrease)/increase in accrued expenses and other liabilities | (33.6) | 1.9 | 11.2 | 45.6 | 25.1 |
|---|
| Decrease/(increase) in deferred revenue | 2.8 | (6.7) | (7.0) | 34.5 | 23.6 |
|---|
| (Decrease)/increase in income taxes payable | (11.1) | 0.6 | (33.1) | 39.9 | (3.7) |
|---|
| Effect of exchange rate changes on currency swaps | (0.2) | 1.3 | (0.3) | 1.1 | 1.9 |
|---|
| Net cash provided/(used) by operating activities | 184.2 | 70.4 | (57.7) | 127.0 | 323.9 |
|---|
Investing activities: | | | | | |
|---|
| Purchase of property, plant and equipment | (4.7) | (6.9) | (21.7) | (12.7) | (46.0) |
|---|
| Purchase of other intangible assets | (1.6) | (2.9) | (3.4) | (3.6) | (11.5) |
|---|
| Proceeds from sale of property, plant and equipment | - | 1.7 | - | 0.2 | 1.9 |
|---|
| Net cash flows used in investing activities | (6.3) | (8.1) | (25.1) | (16.1) | (55.6) |
|---|
Financing activities: | | | | | |
|---|
| Proceeds from issue of common shares | 0.8 | 0.2 | 1.0 | 9.3 | 11.3 |
|---|
| Facility fees paid | (1.0) | - | (0.3) | - | (1.3) |
|---|
| Proceeds from/(repayment of) short-term borrowings | 3.1 | (22.4) | 12.8 | (6.6) | (13.1) |
|---|
| Repayment of long-term debt | (50.9) | - | - | (229.1) | (280.0) |
|---|
| Net cash flows (used)/provided by financing activities | (48.0) | (22.2) | 13.5 | (226.4) | (283.1) |
|---|
| Cash and cash equivalents at beginning of period | 316.2 | 447.1 | 485.4 | 414.9 | 316.2 |
|---|
| Increase/(decrease) in cash and cash equivalents | 129.9 | 40.1 | (69.3) | (115.5) | (14.8) |
|---|
| Effect of exchange rate changes on cash and cash equivalents | 1.0 | (1.8) | (1.2) | 2.7 | 0.7 |
|---|
| Cash and cash equivalents at end of period | 447.1 | 485.4 | 414.9 | 302.1 | 302.1 |
|---|
During the third quarter of Fiscal 2011, Signet changed the period of revenue and cost deferral for its extended service plans. Signet has adjusted in the third quarter of Fiscal 2011 for the affected prior periods.
Signet is furnishing the following information on a quarterly basis for the period from the first quarter of Fiscal 2010 to the second quarter of Fiscal 2011 to reflect the impact of this correction upon Signet's unaudited condensed consolidated balance sheet, unaudited condensed consolidated income statement and unaudited condensed consolidated statement of cash flows. This is for informational purposes only and is being provided to give investors and analysts additional information. There has been no change to Signet's previously reported consolidated operating results, financial condition or cash flows. This quarterly information will be included in Signet's respective applicable future filings for comparative purposes.
Impact of Immaterial Error on Condensed Consolidated Balance Sheet (Unaudited)| | Fiscal 2010 | Fiscal 2011 |
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Q1
$m | Q2
$m |
Assets: | | | | | | |
Current assets: | | | | | | |
Other current assets | 74.3 | 68.2 | 68.4 | 75.8 | 69.0 | 67.5 |
Total current assets | 2,305.7 | 2,230.8 | 2,268.2 | 2,453.2 | 2,465.7 | 2,503.4 |
Non-current assets: | | | | | | |
Other assets | 52.4 | 54.7 | 55.1 | 58.3 | 59.1 | 57.2 |
Deferred tax assets | 113.7 | 109.6 | 110.5 | 112.3 | 111.4 | 114.9 |
Total assets | 2,932.9 | 2,849.9 | 2,872.3 | 3,044.9 | 3,035.0 | 3,063.3 |
| | | | | | | |
Liabilities and shareholders' equity: | | | | | | |
Current liabilities: | | | | | | |
Deferred revenue | 128.6 | 119.8 | 121.2 | 137.7 | 134.7 | 129.0 |
Total current liabilities | 687.4 | 547.3 | 589.1 | 638.9 | 631.7 | 623.2 |
Non-current liabilities: | | | | | | |
Deferred revenue | 329.6 | 332.2 | 322.0 | 338.0 | 343.6 | 342.7 |
Total liabilities | 1,382.3 | 1,247.9 | 1,278.0 | 1,341.3 | 1,285.1 | 1,271.9 |
Total shareholders' equity | 1,550.6 | 1,602.0 | 1,594.3 | 1,703.6 | 1,749.9 | 1,791.4 |
Total liabilities and shareholders' equity | 2,932.9 | 2,849.9 | 2,872.3 | 3,044.9 | 3,035.0 | 3,063.3 |
Impact of Immaterial Error on Condensed Consolidated Income Statement (Unaudited)| | Fiscal 2010 | Fiscal 2011 |
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m | Q1
$m | Q2
$m |
Sales | 758.1 | 707.3 | 611.4 | 1,196.8
| 3,273.6 | 805.4 | 719.7 |
Cost of sales | (505.5) | (488.7) | (448.4) | (765.4) | (2,208.0) | (511.8) | (482.5) |
Gross margin | 252.6 | 218.6 | 163.0 | 431.4 | 1,065.6 | 293.6 | 237.2 |
Operating income/(loss), net | 49.5 | 43.7 | (5.9) | 177.2 | 264.5 | 82.8 | 60.7 |
income/(loss) before income taxes | 38.5 | 35.6 | (13.3) | 169.7 | 230.5 | 74.1 | 54.7 |
Income taxes | (14.0) | (9.8) | 4.6 | (54.2) | (73.4) | (23.8) | (16.0) |
Net income/(loss) | 24.5 | 25.8 | (8.7) | 115.5 | 157.1 | 50.3 | 38.7 |
Earnings per share
- basic
- diluted | $0.29
$0.29 | $0.30
$0.30 | $(0.10)
$(0.10) | $1.35
$1.34 | $1.84
$1.83 | $0.59
$0.58 | $0.45
$0.45 |
Impact of Immaterial Error on Condensed Consolidated Statement of Cash Flows (Unaudited)| | Fiscal 2010 | Fiscal 2011 |
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m | Q1
$m | Q2
$m |
Cash flows from operating activities: | | | | | | | |
Net income/(loss) | 24.5 | 25.8 | (8.7) | 115.5 | 157.1 | 50.3 | 38.7 |
Adjustments to reconcile net income/(loss) to cash flows provided by operating activities: | | | | | | | |
Deferred income taxes | (3.7) | 3.6 | (2.8) | 14.1 | 11.2 | 5.3 | (1.6) |
Changes in operating assets and liabilities: | | | | | | | |
Changes in other receivables | 15.8 | 38.4 | 0.0 | (7.0) | 47.2 | 2.3 | 0.2 |
Changes in other current assets | (18.9) | 4.4 | (2.3) | (12.5) | (29.3) | 9.5 | (1.4) |
Changes in deferred revenue | (2.5) | (6.8) | (8.6) | 32.7 | 14.8 | 2.8 | (6.7) |
Net cash provided by operating activities | 198.0 | 97.0 | 54.1 | 166.3 | 515.4 | 184.2 | 70.4 |
