HAMILTON, Bermuda--(BUSINESS WIRE)--
Signet Jewelers Limited (“Signet”) (NYSE:SIG), the world's largest
retailer of diamond jewelry, today announced its results for the 13
weeks (“fourth quarter Fiscal 2019”) and 52 weeks ("Fiscal 2019") ended
February 2, 2019.
Fourth Quarter Fiscal 2019:
-
Q4 same store sales decreased 2.0%
-
Q4 GAAP diluted earnings per share (“EPS”) of $(2.25), including the
impact of a non-cash impairment charge related to goodwill and
intangibles, restructuring charges, and resolution of a previously
disclosed regulatory matter
-
Q4 Non-GAAP diluted EPS of $3.96
Fiscal 2019:
-
Fiscal 2019 same store sales decreased 0.1%
-
Fiscal 2019 GAAP diluted EPS of $(12.62), including the impact of a
non-cash impairment charge related to goodwill and intangibles, loss
recognized upon the sale of non-prime receivables, restructuring
charges, and resolution of a previously disclosed regulatory matter
-
Fiscal 2019 non-GAAP diluted EPS of $3.72
Fiscal 2020:
-
Fiscal 2020 guidance for same store sales down 2.5% to flat and total
sales of $6.0 billion - $6.1 billion
-
Fiscal 2020 guidance for GAAP diluted EPS of $1.86 - $2.66
-
Fiscal 2020 guidance for non-GAAP diluted EPS of $2.87 - $3.45
-
Maintains quarterly dividend at $0.37 per share
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Fiscal Q4'19
(1)
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Fiscal Q4'18
(2)
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Fiscal 2019
(1)
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Fiscal 2018
(2)
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Revenue ($ in millions)
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$
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2,154.7
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|
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$
|
2,293.1
|
|
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$
|
6,247.1
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|
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$
|
6,253.0
|
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|
Same store sales % change(1),(3) |
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(2.0
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)%
|
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(5.2
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)%
|
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(0.1
|
)%
|
|
|
(5.3
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)%
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|
GAAP
|
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|
|
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Operating income (loss) as % of sales
|
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(3.9
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)%
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14.1
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%
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(12.2
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)%
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9.3
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%
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GAAP Diluted EPS
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$
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(2.25
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)
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$
|
5.24
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$
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(12.62
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)
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$
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7.44
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Non-GAAP
(4)
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Operating income (loss) as % of sales
|
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11.2
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%
|
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|
14.1
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%
|
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|
4.4
|
%
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9.3
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%
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Non-GAAP Diluted EPS
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$
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3.96
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$
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4.28
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$
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3.72
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$
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6.51
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(1)
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Fiscal Q4'19 and Fiscal 2019 same store sales % change calculated by
aligning weeks in the quarter to same weeks in prior year.
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(2)
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Fiscal Q4'18 and Fiscal 2018 numbers are as reported with Q4'18 same
store sales % change based on Fiscal 2018 calendar.
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(3)
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Same store sales include physical store sales and eCommerce sales,
which each incorporate the year-over-year growth of James Allen.
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(4)
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See non-GAAP reconciliation page.
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Virginia C. Drosos, Chief Executive Officer, commented, "In Fiscal 2019,
we began our Path to Brilliance transformation journey, building
foundational capabilities to drive future growth. We made progress on
our Path to Brilliance initiatives, achieving double-digit eCommerce
growth, delivering $85 million of net cost savings, and continuing to
optimize our store footprint. However, we did not finish the year as
strongly as expected due to a highly competitive promotional
environment, continued consumer weakness in the UK, and lower than
expected customer demand for legacy merchandise collections that
impacted our holiday fourth quarter results."
Drosos continued, “Using important learnings from Year One of our
transformation, as we look forward to Fiscal 2020, we are accelerating
initiatives to further develop the seamless and personalized OmniChannel
jewelry experience that Signet can uniquely provide. This includes: 1)
reinvigorating our product assortment in-store and online with more
exclusive pieces and customization; 2) increasing targeted messaging and
promotional effectiveness; 3) improving our eCommerce and mobile
technology; and 4) enhancing full service offerings like repairs and
piercings. Higher levels of investment in these growth initiatives are
expected to be funded by aggressively addressing our cost structure and
more efficiently managing our inventory. We expect these initiatives to
improve the trajectory of our same store sales, operating margins and
cash flow generation, and to bolster our balance sheet over the course
of our multi-year transformation journey."
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Change from previous year
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Fourth Quarter Fiscal 2019
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Same store
sales
(1)
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Non-same
store sales,
net
|
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Impact of
14
th
week
on
total
sales
|
|
|
Total sales
at
constant
exchange
rate
|
|
|
Exchange
translation
impact
|
|
|
Total sales
as reported
|
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Total sales
(in millions)
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Kay
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|
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(1.6
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)%
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2.1
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%
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(3.4
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)%
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(2.9
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)%
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—
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%
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(2.9
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)%
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$
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837.4
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Zales
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2.0
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%
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(2.3
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)%
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(4.2
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)%
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(4.5
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)%
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|
|
—
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%
|
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(4.5
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)%
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$
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461.4
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Jared
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(8.4
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)%
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2.8
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%
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(4.4
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)%
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(10.0
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)%
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—
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%
|
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(10.0
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)%
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|
$
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382.2
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Piercing Pagoda
|
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17.1
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%
|
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(3.7
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)%
|
|
|
(4.5
|
)%
|
|
|
8.9
|
%
|
|
|
—
|
%
|
|
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8.9
|
%
|
|
|
$
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99.1
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|
James Allen
|
|
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(1.4
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)%
|
|
|
—
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%
|
|
|
—
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%
|
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|
(1.4
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)%
|
|
|
—
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%
|
|
|
(1.4
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)%
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|
$
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63.5
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Peoples
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2.1
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%
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(0.9
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)%
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(4.6
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)%
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(3.4
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)%
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(4.8
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)%
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(8.2
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)%
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$
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74.3
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Regional banners(2) |
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(15.4
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)%
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(31.4
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)%
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(3.1
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)%
|
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|
(49.9
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)%
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(0.3
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)%
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(50.2
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)%
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$
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25.0
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|
North America segment
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(1.4
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)%
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(0.2
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)%
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(3.7
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)%
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(5.3
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)%
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(0.2
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)%
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|
(5.5
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)%
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|
$
|
1,942.9
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|
H.Samuel
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|
(5.8
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)%
|
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(1.1
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)%
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|
(4.5
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)%
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|
(11.4
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)%
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|
|
(4.5
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)%
|
|
|
(15.9
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)%
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|
|
$
|
102.8
|
|
Ernest Jones
|
|
|
|
(8.9
|
)%
|
|
|
1.3
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%
|
|
|
(5.2
|
)%
|
|
|
(12.8
|
)%
|
|
|
(4.6
|
)%
|
|
|
(17.4
|
)%
|
|
|
$
|
92.2
|
|
International segment
|
|
|
|
(7.3
|
)%
|
|
|
0.1
|
%
|
|
|
(4.8
|
)%
|
|
|
(12.0
|
)%
|
|
|
(4.6
|
)%
|
|
|
(16.6
|
)%
|
|
|
$
|
195.0
|
|
Other(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
479.3
|
%
|
|
|
$
|
16.8
|
|
Signet
|
|
|
|
(2.0
|
)%
|
|
|
0.4
|
%
|
|
|
(3.8
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)%
|
|
|
(5.4
|
)%
|
|
|
(0.6
|
)%
|
|
|
(6.0
|
)%
|
|
|
$
|
2,154.7
|
|
(1)
|
|
|
The 53rd week in Fiscal 2018 has resulted in a shift in
Fiscal 2019, as the fiscal year began a week later than the previous
fiscal year. As such, same store sales for Fiscal 2019 are being
calculated by aligning the weeks of the quarter to the same weeks in
the prior year. Total reported sales continue to be calculated based
on the reported fiscal periods.
|
|
(2)
|
|
|
Regional banners represents results for regional stores presented in
the prior year as part of the former Sterling Jewelers and Zale
Jewelry segments (including Gordon’s and Mappins).
|
|
(3)
|
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|
Includes sales from Signet’s diamond sourcing initiative.
|
|
|
|
|
|
|
|
|
Change from previous year
|
|
|
|
|
Fiscal 2019
|
|
|
|
Same store
sales
(1)
|
|
|
Non-same
store sales,
net
|
|
|
Impact of
53
rd
week
on
total
sales
|
|
|
Total sales
at
constant
exchange
rate
|
|
|
Exchange
translation
impact
|
|
|
Total sales
as reported
|
|
|
Total sales
(in millions)
|
|
Kay
|
|
|
|
(1.4
|
)%
|
|
|
2.2
|
%
|
|
|
(1.2
|
)%
|
|
|
(0.4
|
)%
|
|
|
na
|
|
|
(0.4
|
)%
|
|
|
$
|
2,417.8
|
|
Zales
|
|
|
|
4.8
|
%
|
|
|
(1.9
|
)%
|
|
|
(1.6
|
)%
|
|
|
1.3
|
%
|
|
|
na
|
|
|
1.3
|
%
|
|
|
$
|
1,260.7
|
|
Jared
|
|
|
|
(4.6
|
)%
|
|
|
1.8
|
%
|
|
|
(1.5
|
)%
|
|
|
(4.3
|
)%
|
|
|
na
|
|
|
(4.3
|
)%
|
|
|
$
|
1,141.4
|
|
Piercing Pagoda
|
|
|
|
13.1
|
%
|
|
|
(3.0
|
)%
|
|
|
(1.4
|
)%
|
|
|
8.7
|
%
|
|
|
na
|
|
|
8.7
|
%
|
|
|
$
|
302.5
|
|
James Allen
|
|
|
|
14.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
223.7
|
|
Peoples
|
|
|
|
1.8
|
%
|
|
|
(1.9
|
)%
|
|
|
(1.6
|
)%
|
|
|
(1.7
|
)%
|
|
|
(1.5
|
)%
|
|
|
(3.2
|
)%
|
|
|
$
|
208.5
|
|
Regional banners(2) |
|
|
|
(12.7
|
)%
|
|
|
(34.7
|
)%
|
|
|
(0.9
|
)%
|
|
|
(48.3
|
)%
|
|
|
(0.1
|
)%
|
|
|
(48.4
|
)%
|
|
|
$
|
87.1
|
|
North America segment
|
|
|
|
0.5
|
%
|
|
|
1.3
|
%
|
|
|
(1.3
|
)%
|
|
|
0.5
|
%
|
|
|
—
|
%
|
|
|
0.5
|
%
|
|
|
$
|
5,641.7
|
|
H.Samuel
|
|
|
|
(4.8
|
)%
|
|
|
(1.5
|
)%
|
|
|
(1.6
|
)%
|
|
|
(7.9
|
)%
|
|
|
0.5
|
%
|
|
|
(7.4
|
)%
|
|
|
$
|
284.0
|
|
Ernest Jones
|
|
|
|
(5.6
|
)%
|
|
|
0.9
|
%
|
|
|
(1.7
|
)%
|
|
|
(6.4
|
)%
|
|
|
0.8
|
%
|
|
|
(5.6
|
)%
|
|
|
$
|
292.5
|
|
International segment
|
|
|
|
(5.2
|
)%
|
|
|
(0.3
|
)%
|
|
|
(1.7
|
)%
|
|
|
(7.2
|
)%
|
|
|
0.7
|
%
|
|
|
(6.5
|
)%
|
|
|
$
|
576.5
|
|
Other(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37.0
|
%
|
|
|
$
|
28.9
|
|
Signet
|
|
|
|
(0.1
|
)%
|
|
|
1.4
|
%
|
|
|
(1.4
|
)%
|
|
|
(0.1
|
)%
|
|
|
—
|
%
|
|
|
(0.1
|
)%
|
|
|
$
|
6,247.1
|
|
(1)
|
|
|
The 53rd week in Fiscal 2018 has resulted in a shift in
Fiscal 2019, as the fiscal year began a week later than the previous
fiscal year. As such, same store sales for Fiscal 2019 are being
calculated by aligning the weeks of the quarter to the same weeks in
the prior year. Total reported sales continue to be calculated based
on the reported fiscal periods.
|
|
(2)
|
|
|
Regional banners represents results for regional stores presented in
the prior year as part of the former Sterling Jewelers and Zale
Jewelry segments (including Gordon’s and Mappins).
|
|
(3)
|
|
|
Includes sales from Signet’s diamond sourcing initiative.
|
|
|
|
|
|
|
|
|
Fourth quarter Fiscal 2019
|
|
|
Fourth quarter Fiscal 2018
|
|
GAAP Operating income/(loss) in millions
|
|
|
|
$
|
|
|
% of sales
|
|
|
$
|
|
|
% of sales
|
|
North America segment
|
|
|
|
$
|
(60.1
|
)
|
|
|
(3.1
|
)%
|
|
|
$
|
305.9
|
|
|
|
14.9
|
%
|
|
International segment
|
|
|
|
31.0
|
|
|
|
15.9
|
%
|
|
|
35.0
|
|
|
|
15.0
|
%
|
|
Other
|
|
|
|
(54.4
|
)
|
|
|
nm
|
|
|
|
(17.4
|
)
|
|
|
nm
|
|
|
Total GAAP operating income / (loss)
|
|
|
|
$
|
(83.5
|
)
|
|
|
(3.9
|
)%
|
|
|
$
|
323.5
|
|
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth quarter Fiscal 2019
|
|
|
Fourth quarter Fiscal 2018
|
|
Non-GAAP Operating income/(loss) in millions
|
|
|
|
$
|
|
|
% of sales
|
|
|
$
|
|
|
% of sales
|
|
North America segment
|
|
|
|
$
|
222.0
|
|
|
|
11.4
|
%
|
|
|
$
|
305.9
|
|
|
|
14.9
|
%
|
|
International segment
|
|
|
|
31.0
|
|
|
|
15.9
|
%
|
|
|
35.0
|
|
|
|
15.0
|
%
|
|
Other
|
|
|
|
(11.7
|
)
|
|
|
nm
|
|
|
|
(17.4
|
)
|
|
|
nm
|
|
|
Total Non-GAAP operating income / (loss)
|
|
|
|
$
|
241.3
|
|
|
|
11.2
|
%
|
|
|
$
|
323.5
|
|
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Signet Path to Brilliance Expected Savings and Restructuring Costs
In March of 2018, the company announced a three-year Signet Path to
Brilliance transformation plan intended to reposition the company to be
the OmniChannel jewelry category leader. This plan is expected to
enhance the company’s cost competitiveness while providing a source of
funding for future growth initiatives.
In Fiscal 2019, the company realized $85 million of net cost savings. In
Fiscal 2020, the company expects net cost savings of $60 million - $70
million including: 1) procurement savings in merchandise and indirect
spend; 2) consolidation of facilities; and 3) payroll savings as a
result of implementing simplified organization structures. The company
continues to expect its transformation plan to deliver $200 million -
$225 million of net cost savings in Fiscal Years 2019-2021, inclusive of
the $85 million achieved in Fiscal 2019.
In Fiscal 2019, the Company incurred pre-tax charges of $126 million, of
which $41 million were cash charges. In Fiscal 2020, the Company’s
preliminary estimates for pre-tax charges related to cost reduction
activities ranges from $55 million - $70 million, of which $46 million -
$58 million are expected to be cash charges. The company's estimates for
pre-tax charges in the three fiscal years is a range of $200 million -
$220 million, of which $105 million - $115 million are expected to be
cash charges.
The company continues to strategically reduce and reposition its real
estate footprint to increase store productivity and allow for more
focused, impactful investments in compelling, digitally enabled new
store designs, as well as targeted store appearance updates across the
portfolio. In Fiscal 2019, the company closed 262 stores. In Fiscal
2020, the company expects to close more than 150 stores, with limited
new store openings primarily consisting of repositions to off-mall
locations. By the end of Fiscal 2020, the company expects it will have
reduced its store base by 13% over a three-year period.
Expense savings related to store closures are not included in the Path
to Brilliance transformation plan net cost savings target of $200
million - $225 million.
Goodwill and Intangible Asset Impairment
The company recorded a non-cash goodwill and intangible asset impairment
pre-tax charge of $286.7 million in the fourth quarter that will have no
impact on the company’s day-to-day operations, debt covenants or
liquidity. Revised long-term projections for James Allen resulted from a
higher than expected unfavorable impact related to sales tax collection
due to the U.S. Supreme Court South Dakota v. Wayfair, Inc. sales tax
nexus case, as well as a more competitive online jewelry marketplace.
These revised projections combined with a higher discount rate driven by
risk premium utilized in the valuation of James Allen resulted in lower
than previously projected discounted long-term future cash flows for
this business. As a result, there was a $261.4 million write-down to the
James Allen goodwill and intangible asset balances.
The remaining impairment charge of $25.3 million is attributable to
intangibles associated with the Zale acquisition and goodwill recognized
as part of the acquisition of the company's diamond polishing factory in
Botswana.
Fourth Quarter Fiscal 2019 Financial Highlights:
Signet's total sales were $2.15 billion, down $138.4 million or down
6.0%, in the 13 weeks ended February 2, 2019 on a reported basis and
down 5.4% on a constant currency basis. Total same store sales
performance decreased 2.0% year-over-year, inclusive of: 1) a favorable
impact of approximately 60 bps related to incremental clearance; 2) a
favorable impact of 35 bps due to planned shifts in timing of promotions
at Zales and Peoples; and 3) a 25 bps unfavorable impact related to a
timing shift of service plan revenue recognized as a result of the
historical claims experience shifting away from the earlier years of the
service plans to later years of the coverage period.
North America payment plan participation rate, including both credit and
leasing sales, was 50.1% versus 49.7% in the prior year fourth quarter.
The decrease in total sales of $138.4 million from the prior year
quarter was positively impacted by the new US GAAP revenue recognition
accounting standard, offset by the comparison against: 1) a 14th
week in Fiscal 2018; 2) net store closures; and 3) unfavorable foreign
exchange translation. The 14th week generated $84.3 million
in sales in Fiscal 2018.
eCommerce sales in the fourth quarter were $260.6 million, up 5.4% year
over year. eCommerce sales accounted for 12.1% of fourth quarter sales,
up from 11.2% of total sales in the prior year fourth quarter. Brick and
mortar same store sales declined 3.0% in the fourth quarter.
By operating segment:
North America
-
Same store sales decreased 1.4%, inclusive of: 1) a favorable impact
of 65 bps of incremental clearance; 2) a favorable impact of 40 bps
due to a planned shift in timing of promotions at Zales and Peoples;
and 3) a 25 bps unfavorable impact related to a timing shift of
service plan revenue recognized as discussed above. Average
transaction value increased 2.2%, and the number of transactions
decreased 4.0%. eCommerce sales increased 6.9%, and brick and mortar
sales declined 2.5% on a same store sales basis.
-
Same store sales increased at Piercing Pagoda by 17.1%. Zales grew by
2.0%, including a positive impact of 135 bps due to a planned shift in
the timing of promotions. Kay same store sales decreased 1.6%, and
Jared sales decreased 8.4%. James Allen sales declined 1.4%.
-
The percentage of sales from new merchandise increased during the
quarter, but this performance was more than offset by declines in
legacy collections. Bridal sales were flat on a same store sales
basis. Within bridal, engagement sales increased while anniversary
sales declined. Anniversary sales were unfavorably impacted by
declines in the Ever Us® collection. The Enchanted Disney Fine
Jewelry® collection, Vera Wang Love® collection, Neil Lane®
collection, and solitaires performed well. Fashion category sales
decreased, with gold fashion jewelry, Disney fashion jewelry, and the
Love + Be Loved™ collection performing well, offset by declines in the
LeVian® and other legacy collections. The Other product category
declined, driven by a strategic reduction of owned brand beads, as
well as declines in Pandora®.
International
-
International same store sales decreased 7.3%. Average transaction
value decreased 5.4% and the number of transactions decreased 2.3%.
eCommerce sales declined 6.9%, and brick and mortar sales declined
7.3% on a same store sales basis.
-
The same store sales decline was driven by lower sales in bridal
jewelry, fashion jewelry and fashion watches, partially offset by
higher sales in prestige watches.
GAAP gross margin was $877.8 million, or 40.7% of sales, up 60 bps
versus the prior year quarter. Factors impacting gross margin rate
include: 1) a positive 250 bps impact related to no longer recognizing
bad debt expense and late charge income; 2) a negative 40 bps impact
related to an inventory write-down; 3) a negative 30 bps impact related
to adopting the new US GAAP revenue recognition accounting standard,
including higher revenue share payments associated with the prime credit
outsourcing arrangement; and 4) a negative 10 bps impact related to a
timing shift of revenue recognized on service plans. The residual
factors impacting gross margin rate include deleverage from lower sales
and the impact of promotional and incremental clearance sales partially
offset by transformation cost savings.
Non-GAAP gross margin was $876.8 million, or 40.7% of sales, and
excluded a $1.0 million benefit due to a change in inventory reserve
initially recognized in the second quarter of Fiscal 2019 that was
excluded from non-GAAP gross margin.
GAAP SGA was $647.2 million, or 30.0% of sales, compared to $634.5
million, or 27.7% of sales in the prior year. Factors impacting SGA
include: 1) a $42 million, or 200 bps, increase in credit costs related
to the transition to an outsourced credit model; 2) an $11 million, or
50 bps, charge related to the resolution of a previously disclosed
regulatory matter; and 3) a $3 million, or 10 bps, decrease in incentive
compensation. Increases in SGA were partially offset by transformation
net cost savings and lower store staff costs primarily due to closed
stores. Prior year SGA included $30.5 million in expense related to the
14th week.
Non-GAAP SGA was $636.2 million, or 29.5% of sales, and excluded an
$11.0 million charge related to the resolution of a previously disclosed
regulatory matter.
Other operating income was $0.7 million compared to $39.5 million in the
prior year fourth quarter. The decrease is due to the sale of the
accounts receivable portfolio resulting in no interest income earned in
the current year quarter.
Operating loss was $83.5 million or (3.9)% of sales, compared to
operating income of $323.5 million, or 14.1% of sales in the prior year
fourth quarter. The prior year operating income includes a favorable
impact from the 53rd week of $9.3 million. Factors impacting
operating loss include: 1) a goodwill and intangible impairment charge
of $286.7 million; 2) $27.1 million in restructuring charges due to
store closure costs, severance and professional fees related to the Path
to Brilliance transformation plan; 3) an $11.0 million charge related to
the resolution of a previously disclosed regulatory matter; 4) a $13
million net unfavorable impact related to the outsourcing of credit; and
5) an $8.8 million inventory write-down. The residual factors impacting
operating loss include the impact of lower sales, higher promotions, and
clearance, partially offset by transformation cost savings.
Non-GAAP operating income was $241.3 million, or 11.2% of sales,
compared to $323.5 million, or 14.1% of sales in prior year fourth
quarter. Non-GAAP operating income excluded: 1) a $286.7 million
goodwill and intangibles impairment charge; 2) $27.1 million in
restructuring charges related to the Path to Brilliance transformation
plan; and 3) an $11 million charge related to resolution of a previously
disclosed regulatory matter.
Income tax expense was $13.9 million compared to income tax benefit of
$37.8 million in the prior year fourth quarter. The higher effective tax
rate in the current year quarter was driven primarily by 1) the impact
of the non-deductible goodwill impairment charge; 2) pre-tax earnings
mix by jurisdiction; and 3) an out of period correction related to a
deferred tax liability associated with the Zale acquisition. The prior
year fourth quarter tax benefit was driven by the favorable impact of
the Tax Cuts and Jobs Act of 2017 together with pre-tax earnings mix by
jurisdiction.
On a non-GAAP basis, income tax was a $1.2 million benefit in the fourth
quarter, driven by pre-tax earnings mix by jurisdiction. Non-GAAP income
tax benefit excludes the out of period income tax adjustment.
GAAP EPS was $(2.25), including: 1) a $4.78 charge related to a goodwill
and intangible asset impairment; 2) a $0.37 charge related to the Path
to Brilliance transformation plan; and 3) a $0.20 charge related to the
resolution of a previously disclosed regulatory matter. Excluding these
charges, EPS was $3.96 on a non-GAAP basis.
GAAP EPS in the quarter is based on net loss available to common
shareholders, as the preferred shares are anti-dilutive and excluded
from the ending share count due to the level of fourth quarter net loss.
Non-GAAP EPS in the quarter is based on non-GAAP net income before
preferred dividends, with the preferred shares included in diluted share
count due to the level of fourth quarter non-GAAP net income.
Fiscal 2019 Financial Highlights:
Signet's total sales were $6.2 billion, down $5.9 million or 0.1%,
compared to Fiscal 2018. Total same store sales performance was down
0.1% versus the prior year inclusive of: 1) a favorable impact of
approximately 155 bps related to incremental clearance; and 2) a 20 bps
unfavorable impact related to a timing shift of service plan revenue
recognized as a result of the historical claims experience shifting away
from the earlier years of the service plans to later years of the
coverage period.
North America payment plan participation rate, including both credit and
leasing sales, was 51.7% versus 52.3% in the prior year.
The total sales decline was positively impacted by the new US GAAP
revenue recognition accounting standard and the addition of James Allen
(acquired in September 2017). These factors were offset by net store
closures and the negative impact of a comparison against a 53rd
week in the prior year.
eCommerce sales at banner websites and James Allen were $682.4 million,
up 39.0% on a reported basis. James Allen sales were $223.7 million for
the year and had a positive 50 bps impact on total company same store
sales. eCommerce sales increased across all divisions and accounted for
10.9% of full year sales, up from 8.0% of total sales in the prior year.
Brick and mortar same store sales declined 1.6% for the year.
By operating segment:
North America
-
Same store sales increased 0.5%, inclusive of: 1) a favorable impact
of 175 bps of incremental clearance; and 2) a 20 bps unfavorable
impact related to the shift of service plan revenue as discussed
above. Average transaction value increased 4.3% and the number of
transactions decreased 3.0%. eCommerce sales increased 43.1% on a
reported basis (inclusive of James Allen, which was acquired in
September 2017) and brick and mortar sales declined 1.1% on a same
store sales basis.
-
The percentage of sales from new merchandise increased during the
year, but this performance was broadly offset by declines in legacy
collections. Bridal and fashion sales each increased on a same store
sales basis. Within bridal, The Enchanted Disney Fine Jewelry®
collection, Vera Wang Love® collection, Neil Lane® collection, and
solitaires performed well, while the Ever Us® collection declined. In
fashion, gold fashion jewelry performed well, offset by declines in
LeVian® and other legacy collections. The Other product category
declined driven by a strategic reduction of owned brand beads, as well
as declines in Pandora®.
International
-
International same store sales decreased 5.2%. Average transaction
value decreased 4.2% and the number of transactions decreased 0.9%.
eCommerce sales increased 8.0% and brick and mortar sales declined
6.6% on a same store sales basis.
-
The same store sales decline was driven by lower sales in bridal
jewelry, fashion jewelry and fashion watches, partially offset by
higher sales in prestige watches.
Balance Sheet and Statement of Cash Flows:
Net cash provided by operating activities for Fiscal 2019 was $697.7
million or $252.2 million, excluding the proceeds of the sale of the
company's non-prime receivables to CarVal Investors and Castlelake LP in
June 2018. Free cash flow for Fiscal 2019 was $564.2 million, or $118.7
million, excluding the proceeds of the sale of non-prime receivables.
Cash and cash equivalents were $195.4 million as of February 2, 2019,
compared to $225.1 million at prior-year end.
Net accounts receivable were $19.5 million, compared to $692.5 million
at the end of the prior year. The decline was due primarily to the sale
of the non-prime accounts.
In Fiscal 2019, Signet deployed cash of $485.0 million to repurchase
outstanding common stock, or 8.8 million shares, at an average cost of
$55.06 per share. This share repurchase was primarily funded by $445.5
million in proceeds from the sale of the non-prime receivables. As of
February 2, 2019, there was $165.6 million remaining under Signet’s
share repurchase authorization.
Net inventories were $2.4 billion, up 4.8%, compared to $2.3 billion at
the end of the prior year. The increase was primarily driven by greater
investments in bridal inventory, particularly at Kay, and gold fashion
items, as well as holiday sales below expectations.
Long-term debt was $649.6 million, down $38.6 million, compared to
$688.2 million in the prior year period, primarily due to the principal
repayment of $31.3 million on the term loan.
Financial Guidance:
|
Fiscal 2020
|
|
Same store sales
|
|
|
Down 2.5% - flat
|
|
Total sales
|
|
|
$6.0 billion - $6.1 billion
|
|
GAAP operating income
|
|
|
$190 million - $245 million
|
|
Non-GAAP operating income
|
|
|
$260 million - $300 million
|
|
GAAP diluted EPS
|
|
|
$1.86 - $2.66
|
|
Non-GAAP diluted EPS
|
|
|
$2.87 - $3.45
|
|
|
|
|
|
Weighted average common shares - basic
|
|
|
51.8 million
|
|
GAAP tax rate
|
|
|
12.0% - 15.5% including discrete tax items
|
|
Non-GAAP tax rate
|
|
|
16.0% - 17.5% including discrete tax items
|
|
Capital expenditures
|
|
|
$135 million - $155 million
|
|
Net selling square footage
|
|
|
down 2.5% - down 3.5%
|
|
|
|
|
The above Fiscal 2020 guidance reflects the following assumptions:
-
Same store sales guidance includes an unfavorable impact of 20 bps
related to a timing shift of service plan revenue recognized as a
result of historical claims experience shifting away from the earlier
years of the service plans to later years of the coverage period.
-
Expected unfavorable $190 million impact on revenues due to store
closings.
-
Company plans to close more than 150 stores in Fiscal 2020 and open
20-25 stores, for a net selling square footage decline of
approximately 2.5% - 3.5%.
-
Credit outsourcing is expected to have a flat to modestly negative
year-over-year impact on operating profit.
-
Transformation program net savings goal of $60 million - $70 million.
-
Pre-tax charges of $55 million - $70 million related to the
transformation plan.
-
Interest expense of $42 million - $46 million.
-
For purposes of calculating both GAAP and non-GAAP EPS, the company
expects to use the basic share count for the first three quarters and
the full year, and the diluted share count for the fourth quarter.
-
Non-GAAP EPS guidance of $2.87 - $3.45 excludes restructuring charges
associated with the transformation plan.
|
|
|
Q1 2020
|
|
Same store sales
|
|
|
Down 1.5% - Down 0.5%
|
|
Total sales
|
|
|
$1.42 billion - $1.44 billion
|
|
GAAP operating income
|
|
|
($25) million - ($12) million
|
|
Non-GAAP operating income
|
|
|
$3 million - $10 million
|
|
GAAP diluted EPS
|
|
|
($0.78) - ($0.54)
|
|
Non-GAAP diluted EPS
|
|
|
($0.28) - $(0.17)
|
|
|
|
|
|
Weighted average common shares - basic
|
|
|
51.6 million
|
|
|
|
|
The above Q1 2020 guidance reflects the following assumptions:
-
Same store sales guidance includes a favorable impact of 40 bps
related to a planned shift in timing of a promotion into the first
quarter from the second quarter in the prior year.
-
Same store sales guidance includes an unfavorable impact of 45 bps
related to a timing shift of service plan revenue recognized as a
result of historical claims experience shifting away from the earlier
years of the service plans to later years of the coverage period.
-
Expected unfavorable $50 million impact on revenues due to store
closings.
-
Credit outsourcing is expected to have a slightly positive year over
year impact on operating profit.
-
Pre-tax charges of $22 million - $28 million related to the
transformation plan.
-
Interest expense of $10 million - $12 million.
-
Expected GAAP tax benefit of $2.0 - $1.6 million inclusive of discrete
tax items in the quarter.
-
Expected non-GAAP tax expense of $0.4 million - $1.4 million inclusive
of discrete tax items in the quarter.
-
GAAP and non-GAAP EPS guidance is calculated by subtracting the
preferred dividend from net income and applying basic share count.
-
Non-GAAP EPS guidance of ($0.28) - ($0.17) excludes restructuring
charges associated with the transformation plan.
Quarterly Dividend:
Signet’s Board of Directors declared a quarterly cash dividend of $0.37
per share for the first quarter of Fiscal 2020, payable on May 31, 2019
to shareholders of record on May 3, 2019, with an ex-dividend date of
May 2, 2019.
Conference Call:
A conference call is scheduled today at 8:30 a.m. ET and a simultaneous
audio webcast is available at www.signetjewelers.com.
The call details are:
Toll Free Dial-in: (833) 245-9657
International Dial-in: +1 (647) 689-4229
Access code: 5059335
A replay and transcript of the call will be posted on Signet's website
as soon as they are available and will be accessible for one year.
About Signet and Safe Harbor Statement:
Signet Jewelers Limited is the world's largest retailer of diamond
jewelry. Signet operates approximately 3,300 stores primarily under the
name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry,
H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and JamesAllen.com.
Further information on Signet is available at www.signetjewelers.com.
See also www.kay.com,
www.zales.com,
www.jared.com,
www.hsamuel.co.uk,
www.ernestjones.co.uk,
www.peoplesjewellers.com,
www.pagoda.com,
and www.jamesallen.com.
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 document 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: our ability to
implement Signet's transformation initiative; the effect of US federal
tax reform and adjustments relating to such impact on the completion of
our quarterly and year-end financial statements; changes in
interpretation or assumptions, and/or updated regulatory guidance
regarding the US federal tax reform; the benefits and outsourcing of the
credit portfolio sale including technology disruptions, future financial
results and operating results; deterioration in the performance of
individual businesses or of the company's market value relative to its
book value, resulting in impairments of fixed assets or intangible
assets or other adverse financial consequences, including tax
consequences related thereto, especially in view of the company’s recent
market valuation; our ability to successfully integrate Zale Corporation
and R2Net’s operations and to realize synergies from the Zale and R2Net
transactions; general economic conditions; potential regulatory changes,
global economic conditions or other developments related to the United
Kingdom’s announced intention to negotiate a formal exit from the
European Union; a decline in consumer spending or deterioration in
consumer financial position; the merchandising, pricing and inventory
policies followed by Signet; Signet’s relationships with suppliers and
ability to obtain merchandise that customers wish to purchase; the
reputation of Signet and its banners; the level of competition and
promotional activity in the jewelry sector; the cost and availability of
diamonds, gold and other precious metals; changes in the supply and
consumer acceptance of gem quality lab created diamonds; regulations
relating to customer credit; seasonality of Signet’s business; the
success of recent changes in Signet’s executive management team; the
performance of and ability to recruit, train, motivate and retain
qualified sales associates; the impact of weather-related incidents on
Signet’s business, financial market risks; exchange rate fluctuations;
changes in Signet’s credit rating; changes in consumer attitudes
regarding jewelry; management of social, ethical and environmental
risks; the development and maintenance of Signet’s OmniChannel
retailing; the ability to optimize Signet’s real estate footprint;
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 credit outsourcing fees,
extended service plans and pensions; risks related to Signet being a
Bermuda corporation; the impact of the acquisition of Zale Corporation
on relationships, including with employees, suppliers, customers and
competitors; Signet’s ability to protect its intellectual property;
changes in taxation benefits, rules or practices in the US and
jurisdictions in which Signet’s subsidiaries are incorporated, including
developments related to the tax treatment of companies engaged in
Internet commerce; and an adverse development in legal or regulatory
proceedings or tax matters, any new regulatory initiatives or
investigations, and ongoing compliance with regulations and any consent
orders or other legal or regulatory decisions.
For a discussion of these and other risks and uncertainties which could
cause actual results to differ materially from those expressed in any
forward-looking statement, see the “Risk Factors” section of Signet’s
Fiscal 2019 Annual Report on Form 10-K filed with the SEC on April 3,
2019 and quarterly reports on Form 10-Q filed with the SEC. Signet
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events or circumstances, except as
required by law.
GAAP to Non-GAAP Reconciliations
The following information provides reconciliations of the most
comparable financial measures calculated and presented in accordance
with accounting principles generally accepted in the US (“GAAP”) to
presented non-GAAP financial measures. The company believes that
non-GAAP financial measures, when reviewed in conjunction with GAAP
financial measures, can provide more information to assist investors in
evaluating historical trends and current period performance. For these
reasons, internal management reporting also includes non-GAAP measures.
Items may be excluded from GAAP financial measures when the company
believes this provides useful supplementary information to management
and investors in assessing the operating performance of our business.
These non-GAAP financial measures should be considered in addition to,
and not superior to or as a substitute for the GAAP financial measures
presented in this earnings release and the company’s financial
statements and other publicly filed reports. In addition, our non-GAAP
financial measures may not be the same as or comparable to similar
non-GAAP measures presented by other companies.
In discussing financial results, the company refers to free cash flow
that is not in accordance with GAAP and is defined as the net cash
provided by operating activities, less purchases of property, plant, and
equipment. Management considers adjusted free cash flow, defined as free
cash flow excluding proceeds from the sale of the non-prime receivables,
as helpful in understanding how the business is generating cash from its
operating and investing activities that can be used to meet the
financing needs of the business. Adjusted free cash flow is an indicator
used by management frequently in evaluating its overall liquidity and
determining appropriate capital allocation strategies. Free cash flow
and adjusted free cash flow do not represent the residual cash flow
available for discretionary expenditure.
For the fourth quarter Fiscal 2019 and Fiscal 2019, the company has
added discussion of non-GAAP gross margin and non-GAAP SGA. The company
believes that presenting non-GAAP gross margin and non-GAAP SGA is
useful to investors as it eliminates the effects of certain items that
may vary from company to company for reasons unrelated to overall
profitability or operating performance.
|
(in millions)
|
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Net cash provided by operating activities
|
|
|
|
$
|
697.7
|
|
|
|
$
|
1,940.5
|
|
|
Proceeds from sale of in-house finance receivables
|
|
|
|
445.5
|
|
|
|
952.5
|
|
|
Operating cash flow (excluding sale of in-house finance receivables)
|
|
|
|
$
|
252.2
|
|
|
|
$
|
988.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Net cash provided by operating activities
|
|
|
|
$
|
697.7
|
|
|
|
$
|
1,940.5
|
|
|
Purchase of property, plant and equipment
|
|
|
|
(133.5
|
)
|
|
|
(237.4
|
)
|
|
Free cash flow
|
|
|
|
564.2
|
|
|
|
1,703.1
|
|
|
Proceeds from sale of in-house finance receivables
|
|
|
|
445.5
|
|
|
|
952.5
|
|
|
Adjusted Free cash flow (excluding sale of in-house finance
receivables)
|
|
|
|
$
|
118.7
|
|
|
|
$
|
750.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Gross margin
|
|
|
|
$
|
877.8
|
|
|
|
$
|
919.8
|
|
|
|
$
|
2,160.8
|
|
|
|
$
|
2,190.0
|
|
|
Restructuring charges - cost of sales
|
|
|
|
(1.0
|
)
|
|
|
—
|
|
|
|
62.2
|
|
|
|
—
|
|
|
Non-GAAP gross margin
|
|
|
|
$
|
876.8
|
|
|
|
$
|
919.8
|
|
|
|
$
|
2,223.0
|
|
|
|
$
|
2,190.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Selling, general and administrative expense
|
|
|
|
$
|
(647.2
|
)
|
|
|
$
|
(634.5
|
)
|
|
|
$
|
(1,985.1
|
)
|
|
|
$
|
(1,872.2
|
)
|
|
Charge related to regulatory resolution
|
|
|
|
11.0
|
|
|
|
—
|
|
|
|
11.0
|
|
|
|
—
|
|
|
Non-GAAP selling, general and administrative expense
|
|
|
|
$
|
(636.2
|
)
|
|
|
$
|
(634.5
|
)
|
|
|
$
|
(1,974.1
|
)
|
|
|
$
|
(1,872.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Total GAAP operating income/ (loss)
|
|
|
|
$
|
(83.5
|
)
|
|
|
$
|
323.5
|
|
|
|
$
|
(764.6
|
)
|
|
|
$
|
579.9
|
|
|
Charges related to transformation plan
|
|
|
|
27.1
|
|
|
|
—
|
|
|
|
125.9
|
|
|
|
—
|
|
|
Loss related to goodwill and intangible impairment
|
|
|
|
286.7
|
|
|
|
—
|
|
|
|
735.4
|
|
|
|
—
|
|
|
Loss related to sale of non-prime receivables
|
|
|
|
—
|
|
|
|
—
|
|
|
|
167.4
|
|
|
|
—
|
|
|
Charge related to regulatory resolution
|
|
|
|
11.0
|
|
|
|
—
|
|
|
|
11.0
|
|
|
|
—
|
|
|
Total non-GAAP operating income
|
|
|
|
$
|
241.3
|
|
|
|
$
|
323.5
|
|
|
|
$
|
275.1
|
|
|
|
$
|
579.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
North America segment GAAP operating income/ (loss)
|
|
|
|
$
|
(60.1
|
)
|
|
|
$
|
305.9
|
|
|
|
$
|
(621.1
|
)
|
|
|
$
|
656.1
|
|
|
Charges related to transformation plan
|
|
|
|
(1.0
|
)
|
|
|
—
|
|
|
|
52.7
|
|
|
|
—
|
|
|
Loss related to goodwill and intangible impairment
|
|
|
|
283.1
|
|
|
|
—
|
|
|
|
731.8
|
|
|
|
—
|
|
|
Loss related to sale of non-prime receivables
|
|
|
|
—
|
|
|
|
—
|
|
|
|
160.4
|
|
|
|
—
|
|
|
North America segment non-GAAP operating income
|
|
|
|
$
|
222.0
|
|
|
|
$
|
305.9
|
|
|
|
$
|
323.8
|
|
|
|
$
|
656.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
International segment GAAP operating income/ (loss)
|
|
|
|
$
|
31.0
|
|
|
|
$
|
35.0
|
|
|
|
$
|
12.9
|
|
|
|
$
|
33.1
|
|
|
Charges related to transformation plan
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3.8
|
|
|
|
—
|
|
|
International segment non-GAAP operating income
|
|
|
|
$
|
31.0
|
|
|
|
$
|
35.0
|
|
|
|
$
|
16.7
|
|
|
|
$
|
33.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Other segment GAAP operating income/ (loss)
|
|
|
|
$
|
(54.4
|
)
|
|
|
$
|
(17.4
|
)
|
|
|
$
|
(156.4
|
)
|
|
|
$
|
(109.3
|
)
|
|
Charges related to transformation plan
|
|
|
|
28.1
|
|
|
|
—
|
|
|
|
69.4
|
|
|
|
—
|
|
|
Loss related to goodwill impairment
|
|
|
|
3.6
|
|
|
|
—
|
|
|
|
3.6
|
|
|
|
—
|
|
|
Loss related to sale of non-prime receivables
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7.0
|
|
|
|
—
|
|
|
Charge related to regulatory resolution
|
|
|
|
11.0
|
|
|
|
—
|
|
|
|
11.0
|
|
|
|
—
|
|
|
Other segment non-GAAP operating income
|
|
|
|
$
|
(11.7
|
)
|
|
|
$
|
(17.4
|
)
|
|
|
$
|
(65.4
|
)
|
|
|
$
|
(109.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
GAAP effective tax rate
|
|
|
|
14.8
|
%
|
|
|
(12.1
|
)%
|
|
|
18.1
|
%
|
|
|
1.5
|
%
|
|
Charges related to transformation plan
|
|
|
|
6.1
|
%
|
|
|
—
|
%
|
|
|
(3.7
|
)%
|
|
|
—
|
%
|
|
Loss related to goodwill and intangible impairment 1 |
|
|
|
31.1
|
%
|
|
|
—
|
%
|
|
|
(8.0
|
)%
|
|
|
—
|
%
|
|
Loss related to sale of non-prime receivables
|
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
(6.5
|
)%
|
|
|
—
|
%
|
|
Charge related to regulatory resolution
|
|
|
|
1.9
|
%
|
|
|
—
|
%
|
|
|
0.2
|
%
|
|
|
—
|
%
|
|
GAAP quarterly impact of annual tax benefit
|
|
|
|
(53.4
|
)%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
Impact of revaluation of deferred taxes under Tax Cut and Jobs Act
|
|
|
|
—
|
%
|
|
|
20.7
|
%
|
|
|
—
|
%
|
|
|
12.3
|
%
|
|
Non-GAAP effective tax rate
|
|
|
|
0.5
|
%
|
|
|
8.6
|
%
|
|
|
0.1
|
%
|
|
|
13.8
|
%
|
|
1 The loss related to goodwill and intangible
impairment includes the impact of an immaterial out of period
adjustment resulting from a reduction to a deferred tax liability
associated with the acquisition of Zale in May 2014. This
adjustment impacted the effective tax rate by 11.7% in the 13
weeks ended February 2, 2019 and 1.4% in Fiscal 2019.
|
|
|
|
(in millions)
|
|
13 weeks ended
February 2,
2019
|
|
14 weeks ended
February 3,
2018
|
|
Fiscal 2019
|
|
Fiscal 2018
|
|
GAAP Diluted EPS
|
|
$
|
(2.25
|
)
|
|
$
|
5.24
|
|
|
$
|
(12.62
|
)
|
|
$
|
7.44
|
|
|
Charges related to transformation plan1 |
|
0.37
|
|
|
—
|
|
|
1.77
|
|
|
—
|
|
|
Loss related to goodwill and intangible impairment1, 3 |
|
4.78
|
|
|
—
|
|
|
12.26
|
|
|
—
|
|
|
Loss related to sale of non-prime receivables1 |
|
—
|
|
|
—
|
|
|
2.11
|
|
|
—
|
|
|
Charge related to regulatory resolution2 |
|
0.20
|
|
|
—
|
|
|
0.20
|
|
|
—
|
|
|
GAAP quarterly impact of annual tax benefit1 |
|
0.86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Impact of revaluation of deferred taxes under Tax Cut and Jobs Act
|
|
—
|
|
|
(0.96
|
)
|
|
—
|
|
|
(0.93
|
)
|
|
Non-GAAP Diluted EPS
|
|
$
|
3.96
|
|
|
$
|
4.28
|
|
|
$
|
3.72
|
|
|
$
|
6.51
|
|
|
1 Reconciliation of GAAP and non-GAAP charges and losses
includes related tax impact.
|
|
2 Charge related to regulatory resolution is not
deductible for tax purposes.
|
|
3 Loss related to goodwill and intangible impairment
includes the impact of diluted versus basic shares. Loss related
to goodwill and intangible impairment also includes the impact of
an immaterial out of period adjustment resulting from a reduction
to a deferred tax liability associated with the acquisition of
Zale in May 2014.
|
|
|
|
|
|
|
Fiscal 2020
Guidance Low End
|
|
|
Fiscal 2020
Guidance High End
|
|
2020 GAAP Diluted EPS
|
|
|
|
$
|
1.86
|
|
|
|
$
|
2.66
|
|
|
Charges related to transformation plan
|
|
|
|
|
1.01
|
|
|
|
|
0.79
|
|
|
2020 Non-GAAP Diluted EPS*
|
|
|
|
$
|
2.87
|
|
|
|
$
|
3.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2020
Guidance Low End
|
|
|
Fiscal 2020
Guidance High End
|
|
2020 GAAP operating income
|
|
|
|
$
|
190.0
|
|
|
|
$
|
245.0
|
|
|
Charges related to transformation plan
|
|
|
|
70.0
|
|
|
|
55.0
|
|
|
2020 Non-GAAP operating income
|
|
|
|
$
|
260.0
|
|
|
|
$
|
300.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 Fiscal 2020
Guidance Low End
|
|
|
Q1 Fiscal 2020
Guidance High End
|
|
Q1 2020 GAAP Diluted EPS
|
|
|
|
$
|
(0.78
|
)
|
|
|
$
|
(0.54
|
)
|
|
Charges related to transformation plan
|
|
|
|
0.50
|
|
|
|
0.37
|
|
|
Q1 2020 Non-GAAP Diluted EPS*
|
|
|
|
$
|
(0.28
|
)
|
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 Fiscal 2020
Guidance Low End
|
|
|
Q1 Fiscal 2020
Guidance High End
|
|
Q1 2020 GAAP operating profit
|
|
|
|
$
|
(25.0
|
)
|
|
|
$
|
(12.0
|
)
|
|
Charges related to transformation plan
|
|
|
|
28.0
|
|
|
|
22.0
|
|
|
Q1 2020 Non-GAAP operating profit
|
|
|
|
$
|
3.0
|
|
|
|
$
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Information Regarding Credit Outsourcing
From a financial perspective, Signet received nearly $1.4 billion due to
the combined sale of its prime and non-prime receivables portfolios.
While the outsourcing of our credit portfolio lowers our operating
profit, it also lowers share count and interest expense as proceeds from
the sale transactions have been used to pay down debt and repurchase
shares. Additionally, the transactions result in lower working capital
requirements going forward, as Signet has no need for funding accounts
receivable for future sales to its prime customers and will only hold
non-prime receivables temporarily for two business days.
From an earnings perspective, after the prime and non-prime portfolio of
receivables were reclassified to held for sale and subsequently sold,
Signet no longer earns finance or late charge income on those accounts
and no longer incurs bad debt expense. Signet will continue to pay some
minimal fees directly to Genesis for new account originations, while all
other servicing costs are included in the discount on forward
receivables sold to investment funds managed by CarVal and Castlelake.
The discount on forward receivables will be partially offset by the
elimination of the costs related to our former in-house credit
operations.
In Fiscal 2018, there was a reduction in operating income of $21 million
in the fourth quarter solely reflecting the impact of the initial credit
outsourcing of prime receivables to ADS and servicing of non-prime
receivables to Genesis. Our Fiscal 2019 non-GAAP results embed a $167
million incremental year-over-year reduction in operating income
reflecting a combination of: 1) an additional 8 months of impacts of the
prime outsourcing; (2) 2 months of servicing costs on the non-prime
portfolio receivables; and (3) 7 months of the impacts from the future
discount rate associated with new credit sales purchased by investment
funds managed by CarVal Investors and Castlelake.
|
(in millions)
|
|
|
|
Fiscal 2018
|
|
|
Fiscal 2019
|
|
Operating profit impact
|
|
|
|
$18
|
|
|
$(149)
|
|
Operating profit impact year-over-year change
|
|
|
|
$(21)
|
|
|
$(167)
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of prime and non-prime receivables
|
|
|
|
$952
|
|
|
$445.5
|
|
|
|
Note: Proceeds are shown pre-transaction costs.
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
Fiscal Q1'19
|
|
|
Fiscal Q2'19
|
|
|
Fiscal Q3'19
|
|
|
Fiscal Q4'19
|
|
Operating profit impact year-over-year change
|
|
|
|
$(69)
|
|
|
$(39)
|
|
|
$(46)
|
|
|
$(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Income Statements (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
|
13 weeks ended
February 2,
2019
|
|
|
14 weeks ended
February 3,
2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Sales
|
|
|
|
$
|
2,154.7
|
|
|
|
$
|
2,293.1
|
|
|
|
$
|
6,247.1
|
|
|
|
$
|
6,253.0
|
|
|
Cost of sales
|
|
|
|
(1,277.9
|
)
|
|
|
(1,373.3
|
)
|
|
|
(4,024.1
|
)
|
|
|
(4,063.0
|
)
|
|
Restructuring charges - cost of sales
|
|
|
|
1.0
|
|
|
|
—
|
|
|
|
(62.2
|
)
|
|
|
—
|
|
|
Gross margin
|
|
|
|
877.8
|
|
|
|
919.8
|
|
|
|
2,160.8
|
|
|
|
2,190.0
|
|
|
Selling, general and administrative expenses
|
|
|
|
(647.2
|
)
|
|
|
(634.5
|
)
|
|
|
(1,985.1
|
)
|
|
|
(1,872.2
|
)
|
|
Credit transaction, net
|
|
|
|
—
|
|
|
|
(1.3
|
)
|
|
|
(167.4
|
)
|
|
|
1.3
|
|
|
Restructuring charges
|
|
|
|
(28.1
|
)
|
|
|
—
|
|
|
|
(63.7
|
)
|
|
|
—
|
|
|
Goodwill and intangible impairments
|
|
|
|
(286.7
|
)
|
|
|
—
|
|
|
|
(735.4
|
)
|
|
|
—
|
|
|
Other operating income, net
|
|
|
|
0.7
|
|
|
|
39.5
|
|
|
|
26.2
|
|
|
|
260.8
|
|
|
Operating income (loss)
|
|
|
|
(83.5
|
)
|
|
|
323.5
|
|
|
|
(764.6
|
)
|
|
|
579.9
|
|
|
Interest expense, net
|
|
|
|
(10.8
|
)
|
|
|
(10.0
|
)
|
|
|
(39.7
|
)
|
|
|
(52.7
|
)
|
|
Other non-operating income
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|
0.0
|
|
|
Income (loss) before income taxes
|
|
|
|
(94.0
|
)
|
|
|
313.5
|
|
|
|
(802.6
|
)
|
|
|
527.2
|
|
|
Income taxes
|
|
|
|
(13.9
|
)
|
|
|
37.8
|
|
|
|
145.2
|
|
|
|
(7.9
|
)
|
|
Net income (loss)
|
|
|
|
$
|
(107.9
|
)
|
|
|
$
|
351.3
|
|
|
|
$
|
(657.4
|
)
|
|
|
$
|
519.3
|
|
|
Dividends on redeemable convertible preferred shares
|
|
|
|
(8.3
|
)
|
|
|
(8.3
|
)
|
|
|
(32.9
|
)
|
|
|
(32.9
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
|
|
$
|
(116.2
|
)
|
|
|
$
|
343.0
|
|
|
|
$
|
(690.3
|
)
|
|
|
$
|
486.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
(2.25
|
)
|
|
|
$
|
5.70
|
|
|
|
$
|
(12.62
|
)
|
|
|
$
|
7.72
|
|
|
Diluted
|
|
|
|
$
|
(2.25
|
)
|
|
|
$
|
5.24
|
|
|
|
$
|
(12.62
|
)
|
|
|
$
|
7.44
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
51.6
|
|
|
|
60.2
|
|
|
|
54.7
|
|
|
|
63.0
|
|
|
Diluted
|
|
|
|
51.6
|
|
|
|
67.0
|
|
|
|
54.7
|
|
|
|
69.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
$
|
0.37
|
|
|
|
$
|
0.31
|
|
|
|
$
|
1.48
|
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
(in millions, except par value per share amount)
|
|
|
|
February 2, 2019
|
|
|
February 3, 2018
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
195.4
|
|
|
|
$
|
225.1
|
|
|
Accounts receivable, held for sale
|
|
|
|
4.2
|
|
|
|
—
|
|
|
Accounts receivable, net
|
|
|
|
19.5
|
|
|
|
692.5
|
|
|
Other receivables
|
|
|
|
72.5
|
|
|
|
87.2
|
|
|
Other current assets
|
|
|
|
171.5
|
|
|
|
158.2
|
|
|
Income taxes
|
|
|
|
5.8
|
|
|
|
2.6
|
|
|
Inventories
|
|
|
|
2,386.9
|
|
|
|
2,280.5
|
|
|
Total current assets
|
|
|
|
2,855.8
|
|
|
|
3,446.1
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
800.5
|
|
|
|
877.9
|
|
|
Goodwill
|
|
|
|
296.6
|
|
|
|
821.7
|
|
|
Intangible assets, net
|
|
|
|
265.0
|
|
|
|
481.5
|
|
|
Other assets
|
|
|
|
150.6
|
|
|
|
171.2
|
|
|
Deferred tax assets
|
|
|
|
21.0
|
|
|
|
1.4
|
|
|
Retirement benefit asset
|
|
|
|
30.6
|
|
|
|
39.8
|
|
|
Total assets
|
|
|
|
$
|
4,420.1
|
|
|
|
$
|
5,839.6
|
|
|
Liabilities and Shareholders’ equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Loans and overdrafts
|
|
|
|
$
|
78.8
|
|
|
|
$
|
44.0
|
|
|
Accounts payable
|
|
|
|
153.7
|
|
|
|
237.0
|
|
|
Accrued expenses and other current liabilities
|
|
|
|
502.8
|
|
|
|
448.0
|
|
|
Deferred revenue
|
|
|
|
270.0
|
|
|
|
288.6
|
|
|
Income taxes
|
|
|
|
27.7
|
|
|
|
19.6
|
|
|
Total current liabilities
|
|
|
|
1,033.0
|
|
|
|
1,037.2
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
649.6
|
|
|
|
688.2
|
|
|
Other liabilities
|
|
|
|
224.1
|
|
|
|
239.6
|
|
|
Deferred revenue
|
|
|
|
696.5
|
|
|
|
668.9
|
|
|
Deferred tax liabilities
|
|
|
|
—
|
|
|
|
92.3
|
|
|
Total liabilities
|
|
|
|
2,603.2
|
|
|
|
2,726.2
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Series A redeemable convertible preferred shares of $0.01 par value:
500 shares authorized,
0.625 shares outstanding
|
|
|
|
615.3
|
|
|
|
613.6
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
Common shares of $0.18 par value: authorized 500 shares, 51.9 shares
outstanding
(2018: 60.5 outstanding)
|
|
|
|
12.6
|
|
|
|
15.7
|
|
|
Additional paid-in capital
|
|
|
|
236.5
|
|
|
|
290.2
|
|
|
Other reserves
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
Treasury shares at cost: 18.1 shares (2018: 26.7 shares)
|
|
|
|
(1,027.3
|
)
|
|
|
(1,942.1
|
)
|
|
Retained earnings
|
|
|
|
2,282.2
|
|
|
|
4,396.2
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(302.8
|
)
|
|
|
(260.6
|
)
|
|
Total shareholders’ equity
|
|
|
|
1,201.6
|
|
|
|
2,499.8
|
|
|
Total liabilities, redeemable convertible preferred shares and
shareholders’ equity
|
|
|
|
$
|
4,420.1
|
|
|
|
$
|
5,839.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
Fiscal 2019
|
|
|
Fiscal 2018
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
(657.4
|
)
|
|
|
$
|
519.3
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
183.6
|
|
|
|
203.4
|
|
|
Amortization of unfavorable leases and contracts
|
|
|
|
(7.9
|
)
|
|
|
(13.0
|
)
|
|
Pension benefit
|
|
|
|
(0.8
|
)
|
|
|
(3.5
|
)
|
|
Share-based compensation
|
|
|
|
16.5
|
|
|
|
16.1
|
|
|
Deferred taxation
|
|
|
|
(105.6
|
)
|
|
|
(33.4
|
)
|
|
Credit transaction, net
|
|
|
|
160.4
|
|
|
|
(30.9
|
)
|
|
Goodwill and intangible impairments
|
|
|
|
735.4
|
|
|
|
—
|
|
|
Restructuring charges
|
|
|
|
84.9
|
|
|
|
—
|
|
|
Amortization of debt discount and issuance costs
|
|
|
|
2.0
|
|
|
|
3.7
|
|
|
Other non-cash movements
|
|
|
|
(4.6
|
)
|
|
|
2.4
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease in accounts receivable
|
|
|
|
18.1
|
|
|
|
242.1
|
|
|
Decrease in accounts receivable held for sale
|
|
|
|
27.6
|
|
|
|
—
|
|
|
Proceeds from sale of in-house finance receivables
|
|
|
|
445.5
|
|
|
|
952.5
|
|
|
Decrease (increase) in other assets and other receivables
|
|
|
|
0.7
|
|
|
|
(6.0
|
)
|
|
Decrease (increase) in inventories
|
|
|
|
(194.3
|
)
|
|
|
210.9
|
|
|
Decrease in accounts payable
|
|
|
|
(78.5
|
)
|
|
|
(51.4
|
)
|
|
Increase in accrued expenses and other liabilities
|
|
|
|
55.9
|
|
|
|
3.9
|
|
|
Increase in deferred revenue
|
|
|
|
9.7
|
|
|
|
10.0
|
|
|
Increase (decrease) in income taxes payable
|
|
|
|
10.9
|
|
|
|
(82.4
|
)
|
|
Pension plan contributions
|
|
|
|
(4.4
|
)
|
|
|
(3.2
|
)
|
|
Net cash provided by operating activities
|
|
|
|
697.7
|
|
|
|
1,940.5
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
(133.5
|
)
|
|
|
(237.4
|
)
|
|
Proceeds from sale of assets
|
|
|
|
5.5
|
|
|
|
—
|
|
|
Purchase of available-for-sale securities
|
|
|
|
(0.6
|
)
|
|
|
(2.4
|
)
|
|
Proceeds from sale of available-for-sale securities
|
|
|
|
9.6
|
|
|
|
2.2
|
|
|
Acquisition of R2Net Inc., net of cash acquired
|
|
|
|
—
|
|
|
|
(331.8
|
)
|
|
Net cash used in investing activities
|
|
|
|
(119.0
|
)
|
|
|
(569.4
|
)
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Dividends paid on common shares
|
|
|
|
(79.0
|
)
|
|
|
(76.5
|
)
|
|
Dividends paid on redeemable convertible preferred shares
|
|
|
|
(31.2
|
)
|
|
|
(34.7
|
)
|
|
Repurchase of common shares
|
|
|
|
(485.0
|
)
|
|
|
(460.0
|
)
|
|
Proceeds from term and bridge loans
|
|
|
|
—
|
|
|
|
350.0
|
|
|
Repayments of term and bridge loans
|
|
|
|
(31.3
|
)
|
|
|
(372.3
|
)
|
|
Proceeds from securitization facility
|
|
|
|
—
|
|
|
|
1,745.9
|
|
|
Repayments of securitization facility
|
|
|
|
—
|
|
|
|
(2,345.9
|
)
|
|
Proceeds from revolving credit facility
|
|
|
|
787.0
|
|
|
|
814.0
|
|
|
Repayments of revolving credit facility
|
|
|
|
(787.0
|
)
|
|
|
(870.0
|
)
|
|
Repayments of bank overdrafts
|
|
|
|
25.9
|
|
|
|
(0.1
|
)
|
|
Other financing activities
|
|
|
|
(2.1
|
)
|
|
|
(4.0
|
)
|
|
Net cash used in financing activities
|
|
|
|
(602.7
|
)
|
|
|
(1,253.6
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
225.1
|
|
|
|
98.7
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(24.0
|
)
|
|
|
117.5
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(5.7
|
)
|
|
|
8.9
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
195.4
|
|
|
|
$
|
225.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Portfolio:
Signet has a diversified real estate portfolio. On February 2, 2019,
Signet operated 3,334 stores totaling 4.7 million square feet of selling
space. Compared to prior year, store count decreased by 222 and square
feet of selling space decreased 5.7%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count by banner
|
|
|
|
February 3, 2018
|
|
|
Openings
|
|
|
Closures
|
|
|
February 2, 2019
|
|
Kay
|
|
|
|
1,247
|
|
|
31
|
|
|
(64
|
)
|
|
|
1,214
|
|
Zales
|
|
|
|
704
|
|
|
2
|
|
|
(48
|
)
|
|
|
658
|
|
Peoples
|
|
|
|
129
|
|
|
2
|
|
|
(8
|
)
|
|
|
123
|
|
Jared
|
|
|
|
274
|
|
|
1
|
|
|
(19
|
)
|
|
|
256
|
|
Piercing Pagoda
|
|
|
|
598
|
|
|
—
|
|
|
(24
|
)
|
|
|
574
|
|
Regional banners(1) |
|
|
|
100
|
|
|
1
|
|
|
(69
|
)
|
|
|
32
|
|
North America segment
|
|
|
|
3,052
|
|
|
37
|
|
|
(232
|
)
|
|
|
2,857
|
|
H.Samuel
|
|
|
|
301
|
|
|
—
|
|
|
(13
|
)
|
|
|
288
|
|
Ernest Jones
|
|
|
|
203
|
|
|
3
|
|
|
(17
|
)
|
|
|
189
|
|
International segment
|
|
|
|
504
|
|
|
3
|
|
|
(30
|
)
|
|
|
477
|
|
Signet
|
|
|
|
3,556
|
|
|
40
|
|
|
(262
|
)
|
|
|
3,334
|
|
(1) Includes one James Allen location.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190403005272/en/
Investors:
Randi Abada
SVP Corporate Finance Strategy &
Investor Relations
+1 330 668 3489
randi.abada@signetjewelers.com
Media:
David Bouffard
VP Corporate Affairs
+1 330
668-5369
david.bouffard@signetjewelers.com
Source: Signet Jewelers Limited