This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Signet Jewelers' CEO Discusses F1Q13 Results - Earnings Call Transcript

Stocks in this article: SIG

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.

2 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs