Press Releases
Signet Reports Record Second Quarter EPS of $0.85, Kay Same Store Sales Increase 12.5%
23 Aug 2012
Click here to view the full Press Release (46KB PDF)
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Click here to listen to the Conference Call
Click here to download the slides for the conference call (483KB PDF)
HAMILTON, Bermuda, August 23, 2012 – Signet Jewelers Limited ("Signet") (NYSE and LSE: SIG), the largest specialty retail jeweler in the US and UK, today reported sales and earnings growth for the 13 and 26 weeks ended July 28, 2012 ("Q2 Fiscal 2013" or "second quarter of Fiscal 2013").
Q2 Fiscal 2013 | |
| up 7.1% |
| $110.9 million, up 8.4% |
| $0.85, up 11.8% |
Mike Barnes, Chief Executive Officer, commented: "We delivered strong second quarter results driven by a 12.5% increase in same store sales at Kay and positive same store sales in the UK. This combined with expansion in operating margin drove a double digit increase in earnings per share. I would like to thank all at Signet who contributed to these results.
As we begin the second half of the year, we remain focused on delivering an exceptional customer experience with exciting merchandise programs, new enhanced marketing programs, and further development of our digital sales capabilities; as always, driven by our talented team. We believe these strengths leave us well positioned to deliver our objectives for the year."
Fiscal 2013 guidance:
- Guidance is being provided principally due to the complexity of calendar shifts occurring in Fiscal 2013.
- Same store sales in the third quarter are expected to be in the low to mid single digit range, which includes the impact of a one-time watch event at Jared in the third quarter of Fiscal 2012. Fully diluted earnings per share are expected to range from $0.34 - $0.38 based on an estimated 81.0 million weighted average shares outstanding.
- Fiscal 2013 is a 53 week year with the 53rd week occurring in the Company's fiscal fourth quarter. The additional week is expected to increase sales by approximately $50 million. However, this will have a negative impact on the same store sales calculation for the fourth quarter and fiscal year as the sales in the comparable calendar week were $89.3 million, which included a promotional event ahead of Valentine's Day that shifts into Fiscal 2014. As we previously stated, this additional week is expected to result in an operating loss of $2 million - $4 million, reflecting advertising expense which remains in Fiscal 2013 and the calendar shift that impacts sales.
Conference Call
There will be a conference call today at 8.30 a.m. Eastern Time (1.30 p.m. BST and 5.30 a.m. Pacific Time) and a simultaneous audio webcast and slide presentation available at www.signetjewelers.com. The slides are available to be downloaded from the website ahead of the conference call. To help ensure the conference call begins in a timely manner, all participants should dial in 5 to 10 minutes prior to the scheduled start time. The call details are:
| US dial-in: | +1 (646) 254 3367 | Access code: 1445765 |
| European dial-in: | +44 (0)20 7784 1036 | Access code: 1445765 |
A replay of the conference call and a transcript of the call will be posted on Signet's website as soon as is practical after the call has ended.
Enquiries: | Tim Jackson, Investor Relations Director, Signet Jewelers | +1 (441) 296 5872 |
Press: | Alecia Pulman, ICR, Inc | +1 (203) 682 8224 +44 (0)20 7404 5959 |
Key Investor Relations Events
Goldman Sachs Consumer Conference, New York
Signet will be taking part in the Goldman Sachs Consumer Conference in New York on Thursday, September 6, 2012. Present will be Mike Barnes, Chief Executive Officer, and Ronald Ristau, Chief Financial Officer. A link to the question and answer session, which is scheduled for 9.45 a.m. Eastern Time, will be available on www.signetjewelers.com.
Citi Consumer Conference, London, UK
Signet will be attending the Citi Consumer Conference, in London, UK on Tuesday, September 11, 2012. Present will be Tim Jackson, Investor Relations Director.
IR Day and Store Visits, New York
Signet will be hosting an IR Day and store visits for professional investors in New York on Monday, October 1, 2012. Click here for details.
Third Quarter Results
The third quarter results for the 13 weeks ending October 28, 2012 are expected to be announced on Tuesday, November 20, 2012.
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, 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, security breaches and other disruptions to Signet's information technology infrastructure and databases, 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 2012 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 22, 2012. 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.
