6th Jun 2008 07:30
|
Signet Group plc (LSE and NYSE: SIG) |
Embargoed until 7.30 a.m. (BST) |
|
6 June 2008 |
signet Reports FIRST quarter results
Signet Group plc (LSE and NYSE: SIG), the world's largest speciality retail jeweller, today announced its first quarter results for the 13 weeks from 3 February to 3 May 2008.
Group
Total sales rose by 1.0% to $822.5 million (13 weeks to 5 May 2007: $814.4 million). Like for like sales decreased by 2.5%. Group profit before tax was down by 24.0% to $38.6 million (13 weeks to 5 May 2007: $50.8 million) and operating profit fell 18.9% to $43.8 million (13 weeks to 5 May 2007: $54.0 million). Operating margin was 5.3% (13 weeks to 5 May 2007: 6.6%). The average US dollar rate was £1/$1.98 (13 weeks to 5 May 2007: £1/$1.96), see note 9 for impact of exchange rate movement.
The tax rate was 36.0% (13 weeks to 5 May 2007: 36.0%). Basic earnings per share were 1.4 cents (13 weeks to 5 May 2007: 1.9 cents), equivalent to 14.4 cents per American Depositary Share (13 weeks to 5 May 2007: 19.1 cents).
United States (circa 74% of Group annual sales)
Total sales were little changed at $631.1 million (Q1 2007/08: $632.3 million), while like for like sales decreased by 4.7% reflecting a difficult trading environment, partly offset by better weather over Valentine's Day.
While a tight control of costs was maintained, operating profit was $45.5 million (13 weeks to 5 May 2007: $59.9 million) as a result of operational deleverage reflecting the decline in like for like sales. Gross margin was up 50 basis points, with price increases implemented after Valentine's Day and in March offsetting higher commodity costs, greater promotional activity and changes in sales mix. The objective of the price increases is at least to maintain the full year gross margin percentage at last year's level. Early results remain encouraging, although a full evaluation will only be completed in the summer. The operating margin was 7.2% (Q1 2007/08: 9.5%). The net bad debt to total sales ratio was up by 70 basis points, however this was largely offset by higher income associated with the receivables. The level of net space growth in the US is now expected to be between 4% and 5% as a result of the continuing application of the Group's strict investment criteria.
United Kingdom (circa 26% of Group annual sales)
Total sales were up by 4.0% at constant exchange rates (see note 9); the reported increase was 5.1% to $191.4 million (13 weeks to 5 May 2007: $182.1 million). Like for like sales rose by 5.3%, with H.Samuel and Ernest Jones up by a similar amount. Reflecting the like for like sales performance, and continued good cost control, an operating profit of $2.7 million was achieved compared with a $1.9 million loss in the comparable period last year. The gross margin was up 40 basis points, with selective price increases more than offsetting the increased cost of gold and mix changes. To execute the Ernest Jones store refurbishment programme more effectively over the medium term, it has been decided to reduce the number of refits and relocations scheduled for 2008/09 from 46 to about 35.
Group Costs, Financing Costs and Net Debt
Group costs were $4.4 million (13 weeks to 5 May 2007: $4.0 million). Financing costs rose to $5.2 million (13 weeks to 5 May 2007: $3.2 million) due to the higher level of year end net debt. In the quarter net debt was little changed (Q1 2007/08: increase of $53.0 million), with the level at 3 May 2008 being $377.0 million (5 May 2007: $286.2 million). This reflected tight control of working capital, lower tax payments and the absence of any share repurchases (Q1 2007/08: $29.0 million purchase of shares) which more than offset the lower operating profit. For 2008/09, a cash outflow at the bottom end of the $40 million to $80 million range indicated in the 2007/08 results statement is now expected, before exchange adjustments and changes in equity, and subject to general economic uncertainties.
Primary listing and domicile
As was indicated in the 2007/08 results statement, the Board believes that shareholders would, on balance, support a recommendation regarding a potential move of the primary listing of the Group to the US and a redomicile of the Company to Bermuda. Good progress continues to be made in facilitating such a change and the Board intends to bring forward a proposal for shareholders to consider later this summer. Any such proposal would include the intention to obtain a secondary listing of the shares on the London Stock Exchange to coincide with the primary listing becoming effective on the New York Stock Exchange.
Comment
Terry Burman, Group Chief Executive, commented: "The US performance reflected a continuing difficult trading environment with the decline in like for like sales resulting in a lower operating margin despite a tight control of costs. The results of the price increases implemented in the US in February and March remain encouraging, although a full evaluation will only be completed during the summer.
In a demanding marketplace the UK division had a good performance, with the 5.3% like for like sales increase and a little changed cost base resulting in an operating profit of $2.7 million compared to a loss of $1.9 million in the first quarter last year. Given the increasing pressure on consumer expenditure in the UK and demanding second quarter comparatives, like for like growth is not expected to continue at this level."
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Enquiries: |
Terry Burman, Group Chief Executive |
+44 (0) 20 7317 9700 |
|
Walker Boyd, Group Finance Director |
+44 (0) 20 7317 9700 |
|
|
Jonathan Glass, Brunswick |
+44 (0) 20 7404 5959 |
|
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Wendel Verbeek, Brunswick |
+44 (0) 20 7404 5959 |
Signet operated 1,966 speciality retail jewellery stores at 3 May 2008; these included 1,407 stores in the US, where the Group trades as "Kay Jewelers", "Jared The Galleria Of Jewelry" and under a number of regional names. At that date Signet operated 559 stores in the UK, where the Group trades as "H.Samuel", "Ernest Jones" and "Leslie Davis". Further information on Signet is available at www.signetgroupplc.com. See also www.kay.com, www.jared.com, www.hsamuel.co.uk and www.ernestjones.co.uk.
Investor Relations Programme Details
Annual General Meeting
The Annual General Meeting will take place at 11.00 a.m. today.
First quarter results
A conference call will take place for all interested parties today at 2.00 p.m. (BST).
|
European dial-in: |
+44 (0) 20 7138 0839 |
Confirmation code: 9865496 |
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US dial-in: |
+1 718 354 1362 |
Confirmation code: 9865496 |
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European replay until 12 June: |
+44 (0) 20 7806 1970 |
Access code: 9865496# |
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US replay until 12 June: |
+1 718 354 1112 |
Access code: 9865496# |
Piper Jaffray 28th Annual Consumer Conference in New York
Signet will be presenting at the Piper Jaffray Annual Consumer Conference taking place in New York on Tuesday 10 June to Wednesday 11 June 2008. The presentation, which will also be webcast on www.signetgroupplc.com, will be given by Walker Boyd, Group Finance Director, who will also be available for one-on-one meetings.
Second quarter sales
The second quarter sales performance for the 13 weeks ending 2 August 2008 is expected to be announced on Thursday 7 August 2008.
This release includes statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, based upon management's beliefs as well as on assumptions made by and data currently available to management, appear in a number of places throughout 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 to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including but not limited to general economic conditions, the merchandising, pricing and inventory policies followed by the Group, the reputation of the Group, the level of competition in the jewellery sector, the price and availability of diamonds, gold and other precious metals, seasonality of the Group's business and financial market risk.
For a discussion of these and other risks and uncertainties which could cause actual results to differ materially, see the "Risk and other factors" section of the Company's 2007/08 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 9, 2008 and other filings made by the Company with the Commission. Actual results may differ materially from those anticipated in such forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein may not be realised. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
SIGNET GROUP plc
Condensed consolidated income statement (unaudited)
for the 13 weeks ended 3 May 2008
|
13 weeks ended 3 May 2008 |
13 weeks ended 5 May 2007 |
52 weeks ended 2 February 2008 |
|||||||||||||||
|
Notes |
$m |
$m |
$m |
||||||||||||||
|
Sales |
2,9 |
822.5 |
814.4 |
3,665.3 |
|||||||||||||
|
Cost of sales |
(770.7) |
(752.4) |
(3,264.8) |
||||||||||||||
|
Gross profit |
51.8 |
62.0 |
400.5 |
||||||||||||||
|
Administrative expenses |
(37.4) |
(35.3) |
(158.0) |
||||||||||||||
|
Other operating income |
29.4 |
27.3 |
108.8 |
||||||||||||||
|
Operating profit |
2,9 |
43.8 |
54.0 |
351.3 |
|||||||||||||
|
Finance income |
3 |
2.3 |
3.4 |
11.0 |
|||||||||||||
|
Finance expense |
3 |
(7.5) |
(6.6) |
(28.8) |
|||||||||||||
|
Profit before tax |
9 |
38.6 |
50.8 |
333.5 |
|||||||||||||
|
Taxation |
4 |
(13.9) |
(18.3) |
(118.3) |
|||||||||||||
|
Profit for the financial period |
24.7 |
32.5 |
215.2 |
||||||||||||||
|
Earnings per share - basic - diluted |
|
6 |
1.4c 1.4c |
1.9c 1.9c |
12.6c 12.6c |
All of the above relate to continuing activities.
Condensed consolidated balance sheet (unaudited)
at 3 May 2008
|
3 May 2008 |
5 May 2007 |
2 February 2008 |
|||||||||||||||
|
Notes |
$m |
$m |
$m |
||||||||||||||
|
Assets |
|||||||||||||||||
|
Non-current assets |
|||||||||||||||||
|
Intangible assets |
52.6 |
49.3 |
52.6 |
||||||||||||||
|
Property, plant and equipment |
503.8 |
486.1 |
502.4 |
||||||||||||||
|
Other receivables |
40.5 |
33.8 |
34.8 |
||||||||||||||
|
Retirement benefit asset |
- |
5.1 |
- |
||||||||||||||
|
Deferred tax assets |
21.5 |
29.0 |
19.7 |
||||||||||||||
|
618.4 |
603.3 |
609.5 |
|||||||||||||||
|
Current assets |
|||||||||||||||||
|
Inventories |
1,494.6 |
1,402.8 |
1,445.5 |
||||||||||||||
|
Trade and other receivables |
850.3 |
793.0 |
927.5 |
||||||||||||||
|
Cash and cash equivalents |
29.2 |
105.0 |
41.7 |
||||||||||||||
|
2,374.1 |
2,300.8 |
2,414.7 |
|||||||||||||||
|
Total assets |
2,992.5 |
2,904.1 |
3,024.2 |
||||||||||||||
|
Liabilities |
|||||||||||||||||
|
Current liabilities |
|||||||||||||||||
|
Borrowings due in less than one year |
(26.2) |
(11.2) |
(36.3) |
||||||||||||||
|
Trade and other payables |
(337.2) |
(329.2) |
(357.5) |
||||||||||||||
|
Deferred income |
(115.8) |
(112.7) |
(125.3) |
||||||||||||||
|
Current tax |
(65.1) |
(86.4) |
(79.5) |
||||||||||||||
|
(544.3) |
(539.5) |
(598.6) |
|||||||||||||||
|
Non-current liabilities |
|||||||||||||||||
|
Borrowings due in more than one year |
(380.0) |
(380.0) |
(380.0) |
||||||||||||||
|
Trade and other payables |
(88.7) |
(77.5) |
(85.3) |
||||||||||||||
|
Deferred income |
(140.8) |
(135.8) |
(139.0) |
||||||||||||||
|
Provisions |
(9.4) |
(10.0) |
(9.6) |
||||||||||||||
|
Retirement benefit obligation |
(4.6) |
- |
(5.6) |
||||||||||||||
|
(623.5) |
(603.3) |
(619.5) |
|||||||||||||||
|
Total liabilities |
(1,167.8) |
(1,142.8) |
(1,218.1) |
||||||||||||||
|
Net assets |
1,824.7 |
1,761.3 |
1,806.1 |
||||||||||||||
|
Equity |
|||||||||||||||||
|
Capital and reserves attributable to equity holders of the Company |
|||||||||||||||||
|
Called up share capital |
15.4 |
15.4 |
15.4 |
||||||||||||||
|
Share premium |
8 |
140.2 |
135.5 |
140.2 |
|||||||||||||
|
Other reserves |
8 |
235.2 |
235.2 |
235.2 |
|||||||||||||
|
Retained earnings |
8 |
1,433.9 |
1,375.2 |
1,415.3 |
|||||||||||||
|
Total equity |
1,824.7 |
1,761.3 |
1,806.1 |
Condensed consolidated cash flow statement (unaudited)
for the 13 weeks ended 3 May 2008
|
13 weeks ended 3 May 2008 |
13 weeks ended 5 May 2007 |
52 weeks ended 2 February 2008 |
|||||||||||
|
$m |
$m |
$m |
|||||||||||
|
Cash flows from operating activities: |
|||||||||||||
|
Profit before tax |
38.6 |
50.8 |
333.5 |
||||||||||
|
Adjustments for: |
|||||||||||||
|
Financing income |
(2.3) |
(3.4) |
(11.0) |
||||||||||
|
Finance expense |
7.5 |
6.6 |
28.8 |
||||||||||
|
Depreciation of property, plant and equipment |
27.1 |
24.0 |
109.4 |
||||||||||
|
Amortisation of intangible assets |
1.3 |
1.2 |
4.7 |
||||||||||
|
Share-based payment expense |
1.8 |
2.0 |
0.4 |
||||||||||
|
Other non-cash movements |
(3.9) |
(1.4) |
(1.5) |
||||||||||
|
Loss on disposal of property, plant and equipment |
0.2 |
- |
1.4 |
||||||||||
|
Operating cash flows before movement in working capital |
70.3 |
79.8 |
465.7 |
||||||||||
|
Increase in inventories |
(48.7) |
(49.0) |
(96.8) |
||||||||||
|
Decrease/(increase) in trade and other receivables |
62.9 |
73.0 |
(60.7) |
||||||||||
|
Decrease in payables and deferred income |
(37.4) |
(68.1) |
(13.5) |
||||||||||
|
Cash generated from operations |
47.1 |
35.7 |
294.7 |
||||||||||
|
Interest paid |
(1.0) |
(0.5) |
(29.8) |
||||||||||
|
Taxation paid |
(25.8) |
(39.5) |
(128.5) |
||||||||||
|
Net cash from operating activities |
20.3 |
(4.3) |
136.4 |
||||||||||
|
Investing activities: |
|||||||||||||
|
Interest received |
1.7 |
3.4 |
6.3 |
||||||||||
|
Proceeds from sale of property, plant and equipment |
1.0 |
- |
1.0 |
||||||||||
|
Purchase of property, plant and equipment |
(25.1) |
(24.1) |
(129.1) |
||||||||||
|
Purchase of intangible assets |
(1.3) |
(4.2) |
(11.3) |
||||||||||
|
Cash flows from investing activities |
(23.7) |
(24.9) |
(133.1) |
||||||||||
|
Financing activities: |
|||||||||||||
|
Dividends paid |
- |
- |
(123.9) |
||||||||||
|
Proceeds from issue of shares |
- |
3.2 |
6.0 |
||||||||||
|
Purchase of own shares |
- |
(29.0) |
(29.0) |
||||||||||
|
(Decrease)/increase in borrowings due in less than one year |
(10.4) |
6.5 |
31.1 |
||||||||||
|
Cash flows from financing activities |
(10.4) |
(19.3) |
(115.8) |
|
Reconciliation of movement in cash and cash equivalents: |
|||||||||||||
|
Cash and cash equivalents at beginning of period |
41.7 |
152.3 |
152.3 |
||||||||||
|
Decrease in cash and cash equivalents |
(13.8) |
(48.5) |
(112.5) |
||||||||||
|
Exchange adjustments |
1.3 |
1.2 |
1.9 |
||||||||||
|
Cash and cash equivalents at end of period |
29.2 |
105.0 |
41.7 |
|
Reconciliation of cash flows to movement in net debt:(1) |
|||||||||||||
|
Net debt at beginning of period |
(374.6) |
(233.2) |
(233.2) |
||||||||||
|
Decrease in cash and cash equivalents |
(13.8) |
(48.5) |
(112.5) |
||||||||||
|
Decrease/(increase) in borrowings falling due within one year |
10.4 |
(6.5) |
(31.1) |
||||||||||
|
Exchange adjustments |
1.0 |
2.0 |
2.2 |
||||||||||
|
Net debt at end of period |
(377.0) |
(286.2) |
(374.6) |
(1) Net debt represents cash and cash equivalents less borrowings due in less than one year and borrowings due in more than one year. Condensed consolidated statement of recognised income and expense (unaudited)
for the 13 weeks ended 3 May 2008
|
13 weeks ended 3 May 2008 |
13 weeks ended 5 May 2007 |
52 weeks ended 2 February 2008 |
|||||||||
|
$m |
$m |
$m |
|||||||||
|
Exchange differences on translation of foreign operations |
2.7 |
5.3 |
(0.1) |
||||||||
|
Effective portion of changes in value of cash flow hedges |
(9.7) |
3.3 |
14.1 |
||||||||
|
Transfer to initial carrying value of inventory from cash flow hedges |
(5.4) |
(1.6) |
(10.2) |
||||||||
|
Actuarial gain on retirement benefit scheme |
- |
- |
(15.0) |
||||||||
|
Deferred tax on items recognised in equity |
4.3 |
(0.5) |
3.7 |
||||||||
|
Net income recognised directly in equity |
(8.1) |
6.5 |
(7.5) |
||||||||
|
Profit for the financial period |
24.7 |
32.5 |
215.2 |
||||||||
|
Total recognised income and expense attributable to equity holders of the Company |
16.6 |
39.0 |
207.7 |
||||||||
Notes to the condensed consolidated financial statements (unaudited)
for the 13 weeks ended 3 May 2008
1. Basis of preparation
These interim financial statements have been prepared applying the accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the 52 week period ended 2 February 2008.
These interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the 52 weeks ended 2 February 2008 are not the Company's statutory accounts for that period. Those accounts have been reported on by the Company's auditors and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 237(2) or Section 237(3) of the Companies Act 1985.
2. Segment information
|
13 weeks ended 3 May 2008 |
13 weeks ended 5 May 2007 |
52 weeks ended 2 February 2008 |
||||
|
$m |
$m |
$m |
||||
|
Sales by origin and destination |
||||||
|
UK, Channel Islands & Republic of Ireland |
191.4 |
182.1 |
959.6 |
|||
|
US |
631.1 |
632.3 |
2,705.7 |
|||
|
822.5 |
814.4 |
3,665.3 |
||||
|
Operating profit/(loss) |
||||||
|
UK, Channel Islands & Republic of Ireland |
||||||
|
- Trading |
2.7 |
(1.9) |
105.1 |
|||
|
- Group function |
(4.4) |
(4.0) |
(16.0) |
|||
|
|
(1.7) |
(5.9) |
89.1 |
|||
|
US |
45.5 |
59.9 |
262.2 |
|||
|
43.8 |
54.0 |
351.3 |
The Group's results derive from one business segment - the retailing of jewellery, watches and associated services.
|
|
|
13 weeks
ended
3 May
2008
|
|
13 weeks
ended
5 May
2007
|
|
52 weeks
ended
2 February 2008
|
|
|
|
$m
|
|
$m
|
|
$m
|
|
Interest receivable
|
|
1.7
|
|
2.4
|
|
6.2
|
|
Defined benefit pension scheme – expected return on scheme assets
|
|
4.4
|
|
4.2
|
|
18.3
|
|
– interest on pension liabilities
|
|
(3.8)
|
|
(3.2)
|
|
(13.5)
|
|
Finance income
|
|
2.3
|
|
3.4
|
|
11.0
|
|
Finance expense
|
|
(7.5)
|
|
(6.6)
|
|
(28.8)
|
|
|
|
(5.2)
|
|
(3.2)
|
|
(17.8)
|
4. Taxation
The net taxation charge in the income statement for the 13 weeks to 3 May 2008 has been based on the anticipated effective taxation rate for the 52 weeks ending 31 January 2009.
Notes to the condensed consolidated financial statements (unaudited)
for the 13 weeks ended 3 May 2008
5. Translation differences
The exchange rates used in these interim financial statements for the translation of UK pound sterling transactions and balances into US dollars are as follows:
|
3 May 2008 |
5 May 2007 |
2 February 2008 |
||||
|
Income statement (average rate) |
1.98 |
1.96 |
2.00 |
|||
|
Balance sheet (closing rate) |
1.98 |
1.99 |
1.97 |
The effect of restating the balance sheet at 5 May 2007 to the exchange rates ruling at 3 May 2008 would increase net debt by $0.4 million to $286.6 million. Restating the income statement would decrease the pre-tax profit for the 13 weeks ended 5 May 2007 by $0.1 million to $50.7 million.
6. Earnings per share
|
13 weeks ended 3 May 2008 |
13 weeks ended 5 May 2007 |
52 weeks ended 2 February 2008 |
||||
|
$m |
$m |
$m |
||||
|
Profit attributable to shareholders |
24.7 |
32.5 |
215.2 |
|||
|
Weighted average number of shares in issue (million) |
1,703.9 |
1,703.5 |
1,703.8 |
|||
|
Dilutive effect of share options (million) |
0.5 |
10.1 |
3.3 |
|||
|
Diluted weighted average number of shares (million) |
1,704.4 |
1,713.6 |
1,707.1 |
|||
|
Earnings per share - basic |
1.4c |
1.9c |
12.6c |
|||
|
- diluted |
1.4c |
1.9c |
12.6c |
|||
|
Earnings per ADS - basic |
14.4c |
19.1c |
126.3c |
|||
|
- diluted |
14.4c |
19.0c |
126.1c |
The number of ordinary and deferred shares in issue at 3 May 2008 was 1,705,541,827 and 50,000 respectively (5 May 2007: 1,705,224,572 ordinary and 50,000 deferred shares, 2 February 2008: 1,705,510,466 ordinary and 50,000 deferred shares).
7. Seasonality
The Group's business is highly seasonal with a very significant proportion of its sales and operating profit generated during its fourth quarter, which includes the Christmas season. The Group expects to continue to experience a seasonal fluctuation in sales and profit.
8. Share premium and reserves
13 weeks ended 3 May 2008
|
Other reserves |
Retained earnings |
||||||||||||||||||||||||||||||
|
Share premium |
Capital redemption |
Special reserves |
Purchase of own shares |
Hedging reserve |
Translation reserve |
Retained earnings |
Total |
||||||||||||||||||||||||
|
$m |
$m |
$m |
$m |
$m |
$m |
$m |
$m |
||||||||||||||||||||||||
|
Balance at 2 February 2008 |
140.2 |
0.4 |
234.8 |
(10.8) |
8.2 |
10.0 |
1,407.9 |
1,790.7 |
|||||||||||||||||||||||
|
Recognised income and expense: |
|||||||||||||||||||||||||||||||
|
- profit for the financial period |
- |
- |
- |
- |
- |
- |
24.7 |
24.7 |
|||||||||||||||||||||||
|
- cashflow hedges (net) |
- |
- |
- |
- |
(10.8) |
- |
- |
(10.8) |
|||||||||||||||||||||||
|
- translation differences |
- |
- |
- |
- |
- |
2.7 |
- |
2.7 |
|||||||||||||||||||||||
|
Equity-settled transactions |
- |
- |
- |
- |
- |
- |
1.8 |
1.8 |
|||||||||||||||||||||||
|
Realisation of revaluation reserve |
- |
- |
- |
- |
- |
- |
0.2 |
0.2 |
|||||||||||||||||||||||
|
Balance at 3 May 2008 |
140.2 |
0.4 |
234.8 |
(10.8) |
(2.6) |
12.7 |
1,434.6 |
1,809.3 |
|||||||||||||||||||||||
Notes to the condensed consolidated financial statements (unaudited)
for the 13 weeks ended 3 May 2008
9. Impact of constant exchange rates
The Group has historically used constant exchange rates to compare period-to-period changes in certain financial data. This is referred to as 'at constant exchange rates' throughout this release. The Group considers this a useful measure for analysing and explaining changes and trends in the Group's results. The impact of the re-calculation of sales, operating profit, profit before tax and net debt at constant exchange rates, including a reconciliation to the Group's GAAP results, is analysed below.
|
13 weeks ended 3 May 2008 |
13 weeks ended 3 May 2008 |
13 weeks ended 5 May 2007 |
Growth at actual exchange rates |
Impact of exchange rate movement |
At constant exchange rates (non-GAAP) |
Growth at constant exchange rates (non-GAAP) |
||||||
|
$m |
$m |
% |
$m |
$m |
% |
|||||||
|
Sales by origin and destination |
||||||||||||
|
UK, Channel Islands & Republic of Ireland |
191.4 |
182.1 |
5.1 |
1.9 |
184.0 |
4.0 |
||||||
|
US |
631.1 |
632.3 |
(0.2) |
- |
632.3 |
(0.2) |
||||||
|
822.5 |
814.4 |
1.0 |
1.9 |
816.3 |
0.8 |
|||||||
|
Operating profit/(loss) |
||||||||||||
|
UK, Channel Islands & Republic of Ireland |
||||||||||||
|
- Trading |
2.7 |
(1.9) |
n/a |
- |
(1.9) |
n/a |
||||||
|
- Group function |
(4.4) |
(4.0) |
(10.0) |
(0.1) |
(4.1) |
(7.3) |
||||||
|
(1.7) |
(5.9) |
71.2 |
(0.1) |
(6.0) |
71.7 |
|||||||
|
US |
45.5 |
59.9 |
(24.0) |
- |
59.9 |
(24.0) |
||||||
|
43.8 |
54.0 |
(18.9) |
(0.1) |
53.9 |
(18.7) |
|||||||
|
Profit before tax |
38.6 |
50.8 |
(24.0) |
(0.1) |
50.7 |
(23.9) |
|
At 3 May 2008 |
3 May 2008 |
5 May 2007
|
Impact of exchange rate movement |
At constant exchange rates (non-GAAP) |
|||||
|
$m |
$m |
$m |
$m |
||||||
|
Net debt |
(377.0) |
(286.2) |
(0.4) |
(286.6) |
Related Shares:
SIG.L