Fiscal 2012 ‘Outstanding Year For Signet’
Bermuda-incorporated Signet Jewelers Ltd., the largest specialty retail jeweller in the US and the UK, today [Mar.22] announced its results for the 13 weeks and for the 52 weeks ended January 28, 2012.
Highlights include:
- Same store sales up 9.0%
- Income before income taxes $502.1 million, up 67.1%
- Diluted earnings per share $3.73, up 60.8%
- The board has declared an increased quarterly dividend of $0.12 per share, up 20%
Mike Barnes, Chief Executive Officer, commented: “Fiscal 2012 was another outstanding year for Signet, with same store sales up 9.0% and earnings per share increasing 60.8%. I would like to thank all members of the Signet team for their contribution to this great result.
“Our long term competitive strengths continued to drive the superior performance achieved during the year. Creating an outstanding customer experience, the strength of our merchandise, our continued advertising investment in support of our store concepts and merchandise brands, and, in the US, our customer finance programs, all work together to effectively support our customers’ jewellery purchases.”
Mr. Barnes said the increased quarterly dividend of $0.12 per share demonstrates the confidence the board has in the strength of Signet’s business model and its ability to generate positive cash flow, while continuing to invest in, and support, our long term growth initiatives.
He concluded: “We are pleased with our sales for Valentine’s Day and believe that Signet is well positioned for Fiscal 2013.
“Our priorities remain focused on building outstanding relationships and loyalty as we provide customers with superior service and differentiated and compelling assortments and brands. Fiscal 2013 will also include positive space growth as we utilize our strong cash position to capitalize on real estate opportunities that meet our stringent criteria.
“We remain confident in our strategies and expect in Fiscal 2013 to achieve significant progress toward our long term goals and objectives.”
On September 11, 2008, Signet Group plc became a wholly-owned subsidiary of Signet Jewelers Limited, a new company incorporated in Bermuda under the Companies Act 1981 of Bermuda, following the completion of a scheme of arrangement approved by the High Court of Justice in England and Wales under the UK Companies Act 2006.
Shareholders of Signet Group plc became shareholders of Signet Jewelers Limited, owning 100% of that company. Signet Jewelers Limited is governed by the laws of Bermuda.
Effective January 31, 2010, Signet became a foreign issuer subject to the rules and regulations of the US Securities Exchange Act of 1934 applicable to domestic US issuers. Prior to this date, Signet was a foreign private issuer and filed with the SEC its annual report on Form 20-F.
Signet’s US division operated 1,317 stores in all 50 states at January 29, 2011. Its stores trade nationally in malls and off-mall locations as Kay Jewelers, and regionally under a number of well-established mall-based brands. Destination superstores trade nationwide as Jared The Galleria Of Jewelry.
Based on publicly available data, management believes Signet’s US division was the largest specialty jeweller in the US in calendar 2010 with sales approximately twice those of the next biggest such retailer.
The UK division’s stores trade as H.Samuel, Ernest Jones and Leslie Davis and are situated in prime “High Street” locations (main shopping thoroughfares with high pedestrian traffic) or major shopping malls.
The UK division operated 540 stores at January 29, 2011, including 14 stores in the Republic of Ireland and three in the Channel Islands.
Based on publicly filed accounts, management believes Signet’s UK division was the largest specialty retailer of fine jewellery in the UK with sales in calendar 2009 almost twice those of the next biggest such retailer.
