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Jewelry retailer Signet Group total sales rise 8.1% in Q1
09 Jun '07
3 min read
Signet Group plc the world's largest speciality retail jeweller, announced its first quarter results for the 13 weeks from 4 February to 5 May 2007.
These results are presented in US dollars following the change in the functional currency of the Company and the move to reporting in US dollars which took effect from 5 February 2007.
Total sales rose by 8.1% at constant exchange rates (see note 10); the reported increase was 10.9% to $814.4 million (13 weeks to 29 April 2006: $734.3 million).
Like for like sales increased by 3.1%. Group profit before tax was $50.8 million (13 weeks to 29 April 2006: $53.7 million) and operating profit was $54.0 million (13 weeks to 29 April 2006: $56.3 million).
Operating margin was 6.6% (13 weeks to 29 April 2006: 7.7%). At constant exchange rates operating profit decreased by 2.9% and profit before tax by 4.3%. The average US dollar rate was £1/$1.96 (13 weeks to 29 April 2006: £1/$1.75). The tax rate was 36.0% (13 weeks to 29 April 2006: 35.9%). Earnings per share were 1.9 cents (13 weeks to 29 April 2006: 2.0 cents), equivalent to 19.1 cents per American Depositary Share (13 weeks to 29 April 2006: 19.8 cents).
United States (circa 75% of Group annual sales)Total sales increased by 10.1% to $632.3 million (Q1 2006/07: $574.5 million). Like for like sales rose by 3.2%. The rate of growth has slowed from that of the prior year due to a more challenging retail environment.
On an underlying basis the increase in like for like sales was estimated to have been 1.9% after taking into account the adverse weather disruption over Valentine's Day and the benefit of a shift in the timing of a promotional event at the beginning of the quarter.
These results are presented in US dollars following the change in the functional currency of the Company and the move to reporting in US dollars which took effect from 5 February 2007.
Total sales rose by 8.1% at constant exchange rates (see note 10); the reported increase was 10.9% to $814.4 million (13 weeks to 29 April 2006: $734.3 million).
Like for like sales increased by 3.1%. Group profit before tax was $50.8 million (13 weeks to 29 April 2006: $53.7 million) and operating profit was $54.0 million (13 weeks to 29 April 2006: $56.3 million).
Operating margin was 6.6% (13 weeks to 29 April 2006: 7.7%). At constant exchange rates operating profit decreased by 2.9% and profit before tax by 4.3%. The average US dollar rate was £1/$1.96 (13 weeks to 29 April 2006: £1/$1.75). The tax rate was 36.0% (13 weeks to 29 April 2006: 35.9%). Earnings per share were 1.9 cents (13 weeks to 29 April 2006: 2.0 cents), equivalent to 19.1 cents per American Depositary Share (13 weeks to 29 April 2006: 19.8 cents).
United States (circa 75% of Group annual sales)Total sales increased by 10.1% to $632.3 million (Q1 2006/07: $574.5 million). Like for like sales rose by 3.2%. The rate of growth has slowed from that of the prior year due to a more challenging retail environment.
On an underlying basis the increase in like for like sales was estimated to have been 1.9% after taking into account the adverse weather disruption over Valentine's Day and the benefit of a shift in the timing of a promotional event at the beginning of the quarter.
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