8th Jun 2007 07:30
Signet Group PLC08 June 2007 Signet Group plc (LSE: SIG and NYSE: SIG)8 June 2007 SIGNET REPORTS FIRST QUARTER RESULTS Signet Group plc (LSE: SIG and NYSE: SIG), the world's largest speciality retailjeweller, today announced its first quarter results for the 13 weeks from 4February to 5 May 2007. These results are presented in US dollars following thechange in the functional currency of the Company and the move to reporting in USdollars which took effect from 5 February 2007. Group Total sales rose by 8.1% at constant exchange rates (see note 10); the reportedincrease was 10.9% to $814.4 million (13 weeks to 29 April 2006: $734.3million). 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 April2006: $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 profitbefore tax by 4.3% (see note 10).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 sharewere 1.9 cents (13 weeks to 29 April 2006: 2.0 cents), equivalent to 19.1 centsper 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 theprior year due to a more challenging retail environment. On an underlying basisthe increase in like for like sales was estimated to have been 1.9% after takinginto account the adverse weather disruption over Valentine's Day and the benefitof a shift in the timing of a promotional event at the beginning of the quarter. Operating profit was $59.9 million (13 weeks to 29 April 2006: $62.7 million).The results were adversely impacted by net expense timing differences in respectof marketing events, which are estimated to have reduced operating profit byabout $5 million. As anticipated, gross margin was lower due to commodity costincreases and changes in sales mix. The mix changes reflected factors, includingthe growth of Jared, which again enhanced like for like sales performance. Theoperating margin was 9.5% (Q1 2006/07: 10.9%). The bad debt ratio wascomfortably within the tight range of the last ten years. United Kingdom (circa 25% of Group annual sales) Total sales were up by 1.7% at constant exchange rates (see note 10); thereported increase was 14.0% to $182.1 million (13 weeks to 29 April 2006: $159.8million). Like for like sales rose by 2.6%, with H.Samuel up by 1.9% and ErnestJones by 3.5%. The normal seasonality in trading was reflected in an operatingloss of $1.9 million (13 weeks to 29 April 2006: loss $2.8 million). Asexpected, gross margin was little changed. Group Costs, Financing Costs and Net Debt Group costs were $4.0 million (13 weeks to 29 April 2006: $3.6 million).Primarily as a result of the $100 million share buy back programme, which wassubstantially completed during the period, financing costs rose to $3.2 million(13 weeks to 29 April 2006: $2.6 million) and net debt, at 5 May 2007, to $286.2million (29 April 2006: $169.5 million). Comment Terry Burman, Group Chief Executive, commented: "In the first quarter the UStrading environment weakened and the UK marketplace was a little stronger.Against this background, profit before tax of $50.8 million demonstrates theunderlying strength of the Group. The US division experienced weak sales over the Mother's Day period at the startof the second quarter. Trading since then has seen like for like sales return tothe underlying rate of growth achieved in the first quarter. The salesperformance of the UK business has seen a further small improvement to that ofthe first 13 weeks." Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7317 9700 Walker Boyd, Group Finance Director +44 (0) 20 7317 9700 Tom Buchanan, Brunswick +44 (0) 20 7404 5959 Pamela Small, Brunswick +44 (0) 20 7404 5959 Signet operated 1,910 speciality retail jewellery stores at 5 May 2007; theseincluded 1,332 stores in the US, where the Group trades as "Kay Jewelers","Jared The Galleria Of Jewelry" and under a number of regional names. At thatdate Signet operated 578 stores in the UK, where the Group trades as "H.Samuel","Ernest Jones" and "Leslie Davis". Further information on Signet is available atwww.signetgroupplc.com. See also www.kay.com, www.jared.com, www.hsamuel.co.ukand www.ernestjones.co.uk. A conference call for all interested parties will take place today at 2.00 p.m.BST. European dial-in: +44 (0) 20 7138 0817European replay until 12 June: +44 (0) 20 7806 1970 Access code: 2437948# US dial-in: +1 718 354 1171US replay until 12 June: +1 718 354 1112 Access code: 2437948# The Annual General Meeting will take place at 11.00 a.m. today. The secondquarter sales performance for the 13 weeks ending 4 August 2007 is expected tobe announced on Thursday 9 August 2007. This release includes statements which are forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995. Thesestatements, based upon management's beliefs as well as on assumptions made byand data currently available to management, appear in a number of placesthroughout this release and include statements regarding, among other things,our results of operation, financial condition, liquidity, prospects, growth,strategies and the industry in which the Group operates. Our use of the words"expects," "intends," "anticipates," "estimates," "may," "forecast,""objective," "plan" or "target," and other similar expressions are intended toidentify forward-looking statements. These forward-looking statements are notguarantees of future performance and are subject to a number of risks anduncertainties, including but not limited to general economic conditions, themerchandising, pricing and inventory policies followed by the Group, thereputation of the Group, the level of competition in the jewellery sector, theprice and availability of diamonds, gold and other precious metals, seasonalityof the Group's business and financial market risk. For a discussion of these and other risks and uncertainties which could causeactual results to differ materially, see the "Risk and Other Factors" section ofthe Company's 2006/07 Annual Report on Form 20-F filed with the U.S. Securitiesand Exchange Commission on May 4, 2007 and other filings made by the Companywith the Commission. Actual results may differ materially from those anticipatedin such forward-looking statements even if experience or future changes make itclear that any projected results expressed or implied therein may not berealised. The Company undertakes no obligation to update or revise anyforward-looking statements to reflect subsequent events or circumstances. The Company's Annual Report & Accounts, including complete audited financialstatements, is available for download from www.signetgroupplc.com. Shareholdersalso have the ability to order a hard copy, free of charge, from the website. SIGNET GROUP plc Condensed consolidated income statement (unaudited)for the 13 weeks ended 5 May 2007 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007------------------------------ ----- ------- ------- ------- Notes $m $m $m------------------------------ ----- ------- ------- ------- Sales 2,10 814.4 734.3 3,559.2 Cost of sales (752.4) (667.3) (3,092.4)------------------------------ ----- ------- ------- -------Gross profit 62.0 67.0 466.8Administrative expenses (35.3) (33.8) (142.1)Other operating income 27.3 23.1 91.5------------------------------ ----- ------- ------- -------Operating profit 2,10 54.0 56.3 416.2Finance income 3 3.4 2.1 18.8Finance expense 3 (6.6) (4.7) (34.2)------------------------------ ----- ------- ------- -------Profit before tax 10 50.8 53.7 400.8Taxation 4 (18.3) (19.3) (134.8)------------------------------ ----- ------- ------- -------Profit for the financial period 32.5 34.4 266.0------------------------------ ----- ------- ------- ------------------------------------- ----- ------- ------- -------Earnings per share - basic 6 1.9c 2.0c 15.4c - diluted 1.9c 2.0c 15.3c------------------------------ ----- ------- ------- ------- ------------------------------ ----- ------- ------- -------Earnings per ADS - basic 6 19.1c 19.8c 154.0c - diluted 19.0c 19.8c 153.4c------------------------------ ----- ------- ------- ------- All of the above relate to continuing activities. Condensed consolidated balance sheet (unaudited)at 5 May 2007 5 May 29 April 3 February 2007 2006 2007------------------------------ ----- ------- ------- ------- Notes $m $m $m------------------------------ ----- ------- ------- ------- AssetsNon-current assetsIntangible assets 49.3 41.3 46.3Property, plant and equipment 486.1 456.6 484.8Other receivables 33.8 28.4 29.2Retirement benefit asset 5.1 - 3.7Deferred tax assets 29.0 31.1 29.0------------------------------ ----- ------- ------- ------- 603.3 557.4 593.0------------------------------ ----- ------- ------- -------Current assetsInventories 1,402.8 1,240.3 1,350.6Trade and other receivables 793.0 692.7 869.1Cash and cash equivalents 105.0 140.3 152.3------------------------------ ----- ------- ------- ------- 2,300.8 2,073.3 2,372.0------------------------------ ----- ------- ------- ------- Total assets 2,904.1 2,630.7 2,965.0------------------------------ ----- ------- ------- ------- LiabilitiesCurrent liabilitiesBorrowings due in less than one (11.2) (309.8) (5.5)yearTrade and other payables (329.2) (327.4) (392.4)Deferred income (112.7) (101.2) (122.7)Current tax (86.4) (57.1) (101.7)------------------------------ ----- ------- ------- ------- (539.5) (795.5) (622.3)------------------------------ ----- ------- ------- -------Non-current liabilitiesBorrowings due in more than one (380.0) - (380.0)yearTrade and other payables (77.5) (67.0) (74.7)Deferred income (135.8) (120.1) (132.0)Provisions (10.0) (10.7) (10.0)Retirement benefit obligation - (28.2) ------------------------------- ----- ------- ------- ------- (603.3) (226.0) (596.7)------------------------------ ----- ------- ------- ------- Total liabilities (1,142.8) (1,021.5) (1,219.0)------------------------------ ----- ------- ------- ------------------------------------- ----- ------- ------- -------Net assets 1,761.3 1,609.2 1,746.0------------------------------ ----- ------- ------- ------- EquityCapital and reserves attributableto equity shareholdersCalled up share capital 8 15.4 14.3 14.0Share premium 9 135.5 126.9 134.7Other reserves 9 235.2 234.8 235.1Retained earnings 9 1,375.2 1,233.2 1,362.2------------------------------ ----- ------- ------- -------Total equity 1,761.3 1,609.2 1,746.0------------------------------ ----- ------- ------- ------- Condensed consolidated cash flow statement (unaudited)for the 13 weeks ended 5 May 2007 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007--------------------------------- ------- ------- ------- $m $m $m--------------------------------- ------- ------- -------Cash flows from operating activities: Profit before tax 50.8 53.7 400.8Adjustments for:Financing income (3.4) (2.1) (18.8)Finance expense 6.6 4.7 34.2Depreciation of property, plant andequipment 24.0 21.7 92.1Amortisation of intangible assets 1.2 0.5 2.4Other non-cash movements 0.6 1.4 4.5Loss on disposal of property, plant andequipment - - 0.8--------------------------------- ------- ------- -------Operating cash flows before movement inworking capital 79.8 79.9 516.0Increase in inventories (49.0) (28.7) (118.1)Decrease/(increase) in trade and otherreceivables 73.0 64.8 (101.5)(Decrease)/increase in payables anddeferred income (68.1) (35.4) 46.1--------------------------------- ------- ------- -------Cash generated from operations 35.7 80.6 342.5Interest paid (0.5) (4.7) (31.4)Taxation paid (39.5) (50.4) (130.1)--------------------------------- ------- ------- -------Net cash from operating activities (4.3) 25.5 181.0--------------------------------- ------- ------- ------- Investing activities:Interest received 3.4 1.8 16.9Proceeds from sale of property, plant andequipment - - 4.5Purchase of property, plant and equipment (24.1) (24.9) (116.9)Purchase of intangible assets (4.2) (1.2) (7.5)--------------------------------- ------- ------- -------Cash flows from investing activities (24.9) (24.3) (103.0)--------------------------------- ------- ------- ------- Financing activities:Dividends paid - - (108.7)Proceeds from issue of shares 3.2 2.1 7.7Purchase of own shares (29.0) - (63.4)Increase/(decrease) in borrowings due inless than one year 6.5 40.6 (244.0)Increase in borrowings due in more thanone year - - 380.0--------------------------------- ------- ------- -------Cash flows from financing activities (19.3) 42.7 (28.4)--------------------------------- ------- ------- ------- Reconciliation of movement in cash and cash equivalents:Cash and cash equivalents at beginning of period 152.3 92.9 92.9(Decrease)/increase in cash and cash equivalents (48.5) 43.9 49.6Exchange adjustments 1.2 3.5 9.8--------------------------------- ------- ------- -------Closing cash and cash equivalents 105.0 140.3 152.3--------------------------------- ------- ------- ------- Reconciliation of cash flows to movement in net debt:(1)Net debt at beginning of period (233.2) (174.5) (174.5)(Decrease)/increase in cash and cash equivalents (48.5) 43.9 49.6(Increase)/decrease in borrowings falling due within one year (6.5) (40.6) 244.0Increase in borrowings falling due in more than one year - - (380.0)Exchange adjustments 2.0 1.7 27.7--------------------------------- ------- ------- -------Closing net debt (286.2) (169.5) (233.2)--------------------------------- ------- ------- ------- (1) Net debt represents cash and cash equivalents less borrowings due in lessthan one year and borrowings due in more than one year. Condensed consolidated statement of recognised income and expense (unaudited)for the 13 weeks ended 5 May 2007 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007--------------------------------- ------- ------- ------- $m $m $m--------------------------------- ------- ------- ------- Exchange differences on translation offoreign operations 5.3 15.0 57.3Effective portion of changes in value ofcash flow hedges 3.3 1.7 1.7Actuarial gain on retirement benefitscheme - - 30.5Deferred tax on items recognised inequity (0.5) - (10.3)--------------------------------- ------- ------- -------Net income recognised directly in equity 8.1 16.7 79.2Transfer to initial carrying value ofinventory from cash flow hedges (1.6) (1.5) 1.5Profit for the financial period 32.5 34.4 266.0--------------------------------- ------- ------- -------Total recognised income and expenseattributable to shareholders 39.0 49.6 346.7--------------------------------- ------- ------- ------- Notes to the condensed consolidated financial statements (unaudited)for the 13 weeks ended 5 May 2007 1. Basis of preparation These results are presented in US dollars following the change in the functionalcurrency of the Company and the move to reporting in US dollars with effect from5 February 2007. These interim financial statements have been prepared inaccordance with the requirements of IAS 34 'Interim Reporting'. Details of theaccounting policies applied are set out in the Group's Annual Report andAccounts for the 53 weeks ended 3 February 2007. These interim financial statements are unaudited and do not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. Thecomparative figures for the 53 weeks ended 3 February 2007 are not the Company'sstatutory accounts for that period. Those accounts have been reported on by theCompany's auditors and will be delivered to the Registrar of Companies followingthe Company's Annual General Meeting. The report of the auditors was unqualifiedand did not contain a statement under Section 237(2) or Section 237(3) of theCompanies Act 1985. 2. Segment information 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007-------------------------------- ------- ------- ------- $m $m $m-------------------------------- ------- ------- ------- Sales by origin and destinationUK, Channel Islands & Republic of Ireland 182.1 159.8 907.1US 632.3 574.5 2,652.1-------------------------------- ------- ------- ------- 814.4 734.3 3,559.2-------------------------------- ------- ------- ------- Operating profit/(loss)UK, Channel Islands & Republic of Ireland - Trading (1.9) (2.8) 103.4 - Group function (4.0) (3.6) (13.9)-------------------------------- ------- ------- ------- (5.9) (6.4) 89.5US 59.9 62.7 326.7-------------------------------- ------- ------- ------- 54.0 56.3 416.2-------------------------------- ------- ------- ------- The Group's results derive from one business segment - the retailing ofjewellery, watches and associated services. 3. Net financing costs 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007------------------------------------- ------- ------- ------- $m $m $m------------------------------------- ------- ------- -------Interest receivable 2.4 1.7 16.6Defined benefit pension scheme - expected return on scheme assets 4.2 3.3 14.8 - interest on pension liabilities (3.2) (2.9) (12.6)------------------------------------- ------- ------- -------Finance income 3.4 2.1 18.8Finance expense (6.6) (4.7) (34.2)------------------------------------- ------- ------- ------- (3.2) (2.6) (15.4)------------------------------------- ------- ------- ------- 4. Taxation The net taxation charge in the income statement for the 13 weeks to 5 May 2007has been based on the anticipated effective taxation rate for the 52 weeksending 2 February 2008. Notes to the condensed consolidated financial statements (unaudited)for the 13 weeks ended 5 May 2007 5. Translation differences The exchange rates used for the translation of UK pound sterling transactionsand balances in these interim statements are as follows: 5 May 29 April 3 February 2007 2006 2007-------------------------------- ------- ------- ------- Income statement (average rate) 1.96 1.75 1.88Balance sheet (closing rate) 1.99 1.82 1.97-------------------------------- ------- ------- ------- The effect of restating the balance sheet at 29 April 2006 to the exchange ratesruling at 5 May 2007 would be to decrease net debt by $2.3 million to $167.2million. Restating the income statement would decrease the pre-tax profit forthe 13 weeks ended 29 April 2006 by $(0.6) million to $53.1 million. 6. Earnings per share 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007------------------------------------- ------- ------- ------- $m $m $m------------------------------------- ------- ------- ------- Profit attributable to shareholders 32.5 34.4 266.0------------------------------------- ------- ------- ------- Weighted average number of shares inissue (million) 1,703.5 1,739.3 1,727.6Dilutive effect of share options(million) 10.1 3.1 6.8------------------------------------- ------- ------- -------Diluted weighted average number of shares(million) 1,713.6 1,742.4 1,734.4------------------------------------- ------- ------- -------Earnings per share - basic 1.9c 2.0c 15.4c - diluted 1.9c 2.0c 15.3c------------------------------------- ------- ------- -------Earnings per ADS - basic 19.1c 19.8c 154.0c - diluted 19.0c 19.8c 153.4c------------------------------------- ------- ------- ------- 7. Seasonality The Group's business is highly seasonal with a very significant proportion ofits sales and operating profit generated during its fourth quarter, whichincludes the Christmas season. The Group expects to continue to experience aseasonal fluctuation in sales and profit. Notes to the condensed consolidated financial statements (unaudited)for the 13 weeks ended 5 May 2007 8. Share capital 13 weeks 13 weeks 53 weeks ended ended ended 5 May 29 April 3 February 2007 2006 2007-------------------------------------- ------- ------- ------- $m $m $m-------------------------------------- ------- ------- -------Authorised:5,929,874,019 ordinary shares of 0.5p - 48.6 48.65,929,874,019 ordinary shares of 0.9c 53.4 - -50,000 deferred shares of £1 0.1 - --------------------------------------- ------- ------- ------- Number of $m shares ------------------------------------- ------------ -------Alloted, called up and fully paid:Ordinary shares of 0.5p each:At 3 February 2007 1,713,553,809 14.0Change in functional currency - 1.4Capital reduction on 5 February 2007 (1,713,553,809) (15.4)------------------------------------- ------------ ------- nil nilOrdinary shares of 0.9c each:Issued on 5 February 2007 1,713,553,809 15.4Share buyback (12,205,000) (0.1)Share options exercised 3,875,763 -------------------------------------- ------------ -------At 5 May 2007 total allotted, calledup and fully paid 1,705,224,572 15.3Deferred shares of £1 each on issueand at 5 May 2007 50,000 0.1------------------------------------- ------------ -------Total share capital 1,705,274,572 15.4------------------------------------- ------------ ------- On 5 February 2007, the Company redenominated its share capital into US Dollarsby way of a reduction in capital and subsequent issue and allotment of newdollar ordinary shares, which had been approved by shareholders on 12 December2006 and received Court approval on 31 January 2007. The nominal value of each dollar denominated ordinary share is 0.9 cent, andshareholders received one new dollar denominated ordinary share for eachsterling ordinary share held. The new shares have the same rights andrestrictions as the previously issued ordinary shares and the existing sharecertificates remain valid. Additionally, to comply with UK listing requirements, £50,000 of share capitalis required to be denominated in pounds sterling to which end 50,000 deferredshares of £1 each were allotted and issued and credited to the Company Secretaryof the Company on 5 February 2007. These shares have limited and deferredrights. Notes to the condensed consolidated financial statements (unaudited)for the 13 weeks ended 5 May 2007 9. Share premium and reserves 13 weeks ended 5 May 2007 Share Capital Special Purchase of Hedging Translation Retained Total premium redemption reserves own shares reserve reserve earnings $m $m $m $m $m $m $m $m--------------- ------ ------ ------ ------ ------ ------ ------ ------Balance at 3February 2007 134.7 0.3 234.8 (13.3) 5.1 10.1 1,360.3 1,732.0Change infunctionalcurrency (1.4) - - - - - - (1.4)--------------- ------ ------ ------ ------ ------ ------ ------ ------ 133.3 0.3 234.8 (13.3) 5.1 10.1 1,360.3 1,730.6Recognisedincome andexpense: - profit for the financial period - - - - - - 32.5 32.5 - cashflow hedges (net) - - - - 1.2 - - 1.2 - translation differences - - - - - 5.3 - 5.3Equity-settledtransactions - - - - - - 2.0 2.0Share optionsexercised 2.2 - - 1.0 - - - 3.2Purchase ofown shares - 0.1 - - - - (29.0) (28.9)--------------- ------ ------ ------ ------ ------ ------ ------ ------Balance at 5May 2007 135.5 0.4 234.8 (12.3) 6.3 15.4 1,365.8 1,745.9--------------- ------ ------ ------ ------ ------ ------ ------ ------ 13 weeks ended 29 April 2006 Share Capital Special Purchase of Hedging Translation Retained Total premium redemption reserves own shares reserve reserve earnings --------------- ------ ------ ------ ------ ------ ------ ------ ------ $m $m $m $m $m $m $m $m--------------- ------ ------ ------ ------ ------ ------ ------ ------Balance at 28January 2006 124.8 - 234.8 (15.4) 2.8 (47.2) 1,241.5 1,541.3Recognisedincome andexpense: - profit for the financial period - - - - - - 34.4 34.4 - cashflow hedges (net) - - - - 0.2 - - 0.2 - translation differences - - - - - 15.0 - 15.0Equity-settledtransactions - - - - - - 1.9 1.9Share optionsexercised 2.1 - - - - - - 2.1--------------- ------ ------ ------ ------ ------ ------ ------ ------Balance at 29April 2006 126.9 - 234.8 (15.4) 3.0 (32.2) 1,277.8 1,594.9--------------- ------ ------ ------ ------ ------ ------ ------ ------ 53 weeks ended 3 February 2007 Share Capital Special Purchase of Hedging Translation Retained Total premium redemption reserves own shares reserve reserve earnings --------------- ------ ------ ------ ------ ------ ------ ------ ------ $m $m $m $m $m $m $m $m--------------- ------ ------ ------ ------ ------ ------ ------ ------ Balance at 28January 2006 124.8 - 234.8 (15.4) 2.8 (47.2) 1,241.5 1,541.3Recognisedincome andexpense: - profit for the financial period - - - - - - 266.0 266.0 - cashflow hedges (net) - - - - 2.3 - - 2.3 - translation differences - - - - - 57.3 - 57.3 - actuarial gain - - - - - - 21.1 21.1Dividends - - - - - - (108.7) (108.7)Equity-settledtransactions - - - - - - 8.1 8.1Share optionsexercised 8.6 - - 2.1 - - (3.0) 7.7Purchase ofown shares - 0.3 - - - - (63.4) (63.1)Shares issuedto ESOTs 1.3 - - - - - (1.3) ---------------- ------ ------ ------ ------ ------ ------ ------ ------Balance at 3February 2007 134.7 0.3 234.8 (13.3) 5.1 10.1 1,360.3 1,732.0--------------- ------ ------ ------ ------ ------ ------ ------ ------ Notes to the condensed consolidated financial statements (unaudited)for the 13 weeks ended 5 May 2007 10. Impact of constant exchange rates The Group has historically used constant exchange rates to compareperiod-to-period changes in certain financial data. This is referred to as 'atconstant exchange rates' throughout this release. The Group considers this auseful measure for analysing and explaining changes and trends in the Group'sresults. The impact of the re-calculation of sales, operating profit, profitbefore tax and net debt at constant exchange rates, including a reconciliationto the Group's GAAP results, is analysed below. 13 weeks ended 13 weeks 13 weeks Growth at Impact of At constant Growth at5 May 2007 ended actual exchange exchange constant ended exchange rate rates exchange 5 May 29 April rates movement (non-GAAP) rates 2007 2006 (non-GAAP)------------------ ------- ------- ------- ------- ------- ------- $m $m % $m $m %------------------ ------- ------- ------- ------- ------- -------Sales by origin anddestination UK, Channel Islands &Republic of Ireland 182.1 159.8 14.0 19.2 179.0 1.7US 632.3 574.5 10.1 - 574.5 10.1------------------ ------- ------- ------- ------- ------- ------- 814.4 734.3 10.9 19.2 753.5 8.1------------------ ------- ------- ------- ------- ------- ------- Operating profit/(loss)UK, Channel Islands& Republic ofIreland - Trading (1.9) (2.8) 32.1 (0.3) (3.1) 38.7 - Group function (4.0) (3.6) (11.1) (0.4) (4.0) ------------------- ------- ------- ------- ------- ------- ------- (5.9) (6.4) 7.8 (0.7) (7.1) 16.9US 59.9 62.7 (4.5) - 62.7 (4.5)------------------ ------- ------- ------- ------- ------- ------- 54.0 56.3 (4.1) (0.7) 55.6 (2.9)------------------ ------- ------- ------- ------- ------- ------- Profit beforetax 50.8 53.7 (5.4) (0.6) 53.1 (4.3)------------------ ------- ------- ------- ------- ------- ------- At 5 May 2007 5 May 29 April Impact of At constant exchange rate exchange rates 2007 2006 movement (non-GAAP) ---------------------------- ------- ------- ------- ------- $m $m $m $m---------------------------- ------- ------- ------- ------- Net debt (286.2) (169.5) 2.3 (167.2)---------------------------- ------- ------- ------- ------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SIG.L