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Signet Jewelers' CEO Discusses F1Q13 Results - Earnings Call Transcript

I will now hand over to Mike.

Michael Barnes

Thanks Tim, and good morning to everyone. We delivered strong financial results in the first quarter, and increased our earnings per share by 10.3% to $0.96. We anticipated the impact of the calendar shift as discussed on our last call and managed our business including expenses accordingly, leading to this double-digit earnings increase.

I’d like to thank all at Signet who contributed third-party these record results. In the second quarter to-date, which benefited from the calendar shift our same-store sales including Mother’s Day, were up strong double-digits reflecting the customers broad acceptance of our merchandised offerings, our great customer experience and the effectiveness of our advertising, all of which we consider to be core competitive strengths. I will speak more specifically about Mother’s Day in a moment.

Our results year-to-date and our consistent ability to execute our initiatives, leave us well positioned to meet the challenges of the current economic environment and achieve our objectives for this year.

Same-store sales were up 1.2%. The impact of the calendar shift reduced first quarter sales by an estimated $32 million or by about 370 basis points. In the U.S. we delivered same-store sales of 1.2%, after an increase of 12.5% last year with the promotional shift having an estimated 440 basis point impact. In the U.K. we’re pleased to again report a positive comp and again it was 1.2%, and what remains a challenging environment. This reflected as expected, a significant improvement from the February performance, which we discussed in our last call. Income before income taxes was $128.5 million or an increase of 9.1%.

Now let’s look at the U.S. performance in a little bit more detail. U.S. total sales were $751.5 million, up $13.5 million, an increase of 1.8%. Kay same-store sales increased by 2.9%. During February which includes the important Valentine’s Day period, same-store sales were up 8.4% with April being adversely impacted by the calendar shift.

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