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Signet's CEO Presents At Goldman Sachs 2012 Global Retailing Conference (Transcript)

Tolkowsky Diamond, which has done very, very well for us, it is the strong, new diamond range that we have and it is being expanded into another 250 stores to create a 550-door expansion back half of the year. We have a new collection called the family collection for Jane Seymour Open Hearts. That’s also being expanded, as well as several other merchandise initiatives.

So, we feel pretty good about the back half of the year and how we’re positioned and I think we’re setup well. As far as looking into next year, we’re always looking to the future and looking at what the newest trends are and the newest designs. That’s what we do. We’re the leader in our industry. We intend to remain there and so we’re working on some new initiatives that will take us into next year and beyond.

William Hutchings - Goldman Sachs

Thank you, Mike. And then one is pretty more relevant one up here as your capital allocation strategy clearly gone through a period of significant deleverage of your balance sheet over the last few years. Now what would be the outlet for CapEx plan repayment of dividend?

Ron Ristau

Well, our capital spending plans this year remained very strong. We’re going to spend between $155 million to $165 million. We’re focusing that money on new stores. We’ll be opening up approximately 53 new stores this year in the U.S -- 51 in the U.S., two in the U.K.

We are spending lot of money on our continue remodel since we have the number one jewelry store, we believe that our store should always have a excellent customer experience. So we continue to stay on a very aggressive remodel program so over 100 stores to be remodeled.

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