UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
1/7/2016
SIGNET
JEWELERS LIMITED
(Exact
name of registrant as specified in its charter)
Commission
File Number: 1-32349
Bermuda
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(State or other jurisdiction of incorporation)
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(IRS Employer
Identification No.)
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Clarendon House
2
Church Street
Hamilton
HM11
Bermuda
(Address
of principal executive offices, including zip code)
441
296 5872
(Registrant's telephone number, including area
code)
(Former name or former address, if changed since
last report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On January7, 2016, the Registrant issued a press release for its Holiday
Season results for the eight weeks ended December 26, 2015. A copy of
the press release is attached hereto as Exhibit 99.1 to this Form 8-K.
The information in this Current Report on Form 8-K is being furnished
pursuant to Item 2.02 Results of Operations and Financial Condition. In
accordance with General Instruction B.2 of Form 8-K, the information in
this report shall not be deemed "filed" for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as expressly stated by
specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
Exhibit No.
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Description
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EX-99.1
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Press release of Signet Jewelers Limited, dated January 7, 2016
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SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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SIGNET JEWELERS LIMITED
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Date:
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January 7, 2016
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By:
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/s/ Michele Santana
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Michele Santana
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
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Description
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EX-99.1
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Press Release of Signet Jewelers Limited, dated January 7, 2016
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Exhibit 99.1
Signet
Jewelers Reports Holiday Season Same Store Sales up 4.9%
HAMILTON, Bermuda--(BUSINESS WIRE)--January 7, 2016--Signet Jewelers
Limited (“Signet”) (NYSE and LSE: SIG), the world's largest retailer of
diamond jewelry, today announced its sales for the eight weeks ended
December 26, 2015 (“Holiday Season”) and guidance for the 13 weeks
(“Fourth Quarter”) ending January 30, 2016.
Holiday Season Sales Highlights:
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Total sales of $1,947.8 million, up 5.0% over the prior year.
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Same store sales increased 4.9% compared to an increase of 3.6% in the
prior year.
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Financial guidance narrowed to top end of previously provided guidance.
Mark Light, Chief Executive Officer, said, “Signet delivered excellent
holiday sales as a result of the successful execution of our product,
marketing, and omni-channel selling strategies, as well as our superior
customer experience. These results were driven by broad-based success
across strategic store brands, merchandise categories and selling
channels. The implementation of store operations initiatives in the
third quarter combined with investment in our recently launched
innovative merchandising and marketing programs positioned Signet well
for a strong fourth quarter and beyond.
“The continuation of strong sales and profitability combined with
operating expenses that were in-line with expectations, including
as-anticipated credit-related expense trends, enabled us to narrow our
fourth quarter earnings guidance as well as our same store sales
guidance to the top end of the previously provided guidance.
“I would like to thank all Signet team members very much for their
dedication, hard work, and solid execution of our strategies during the
holiday selling period.”
Fourth Quarter Financial Guidance:
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Currently
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Formerly
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Same Store Sales
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4.6% to 5.0%
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3.5% to 5.0%
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Earnings per Share
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$3.44 to $3.50
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$3.30 to $3.50
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Adjusted Earnings per Share
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$3.54 to $3.60
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$3.40 to $3.60
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Holiday Season Fiscal 2016 Sales Highlights:
Total sales were $1,947.8 million, up $93.4 million or 5.0%, compared to
$1,854.4 million in the eight weeks ended December 27, 2014 ("prior
year"). Total sales at constant exchange rate increased 6.3% compared to
prior year. Same store sales increased 4.9% compared to an increase of
3.6% in the prior year driven primarily by mall-based and outlet
concepts in the U.S. as well as Ernest Jones stores in the U.K. Signet’s
e-commerce sales in the Holiday Season were $139.7 million, up $13.7
million or 10.9% compared to $126.0 million in the prior year.
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Sterling Jewelers division results were driven primarily by higher
sales at Kay Jewelers and the success of key collections and
categories such as recently introduced Ever Us two-stone rings as well
as diamond earrings and bracelets. Jared delivered higher sales
year-over-year driven by the combined impact of new
consumer-research-driven initiatives around store operations,
marketing, and merchandising.
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Zale division sales were driven by material increases at the flagship
Zales stores as well as Piercing Pagoda kiosks. Ever Us and select
other fashion and bridal brands were important drivers at Zales; as
well as gold jewelry sales in the kiosk channel.
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UK Jewelry division total sales were driven by higher same store sales
largely offset by unfavorable foreign currency exchange rates. Same
store sales increases were driven primarily by branded bridal, diamond
fashion jewelry, and beads – most notably at Ernest Jones.
Sales change from previous year
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Same
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Non-same
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Total sales
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Exchange
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Holiday Season
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store
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store
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at constant
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translation
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Total
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Total sales
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Fiscal 2016
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sales
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sales, net
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exchange rate
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impact
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sales
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(in mill $)
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Kay
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7.2
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%
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1.7
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%
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8.9
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%
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—
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8.9
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%
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778.0
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Jared
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2.7
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%
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4.1
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%
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6.8
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%
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—
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6.8
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%
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359.1
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Regional brands
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(1.8)
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%
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(6.9
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)%
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(8.7
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)%
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—
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(8.7
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)%
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59.8
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Sterling Jewelers division
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5.3
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%
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1.9
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%
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7.2
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%
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—
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7.2
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%
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1,196.9
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Zales Jewelers
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6.4
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%
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1.2
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%
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7.6
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%
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—
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7.6
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%
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378.2
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Gordon’s Jewelers
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(7.2
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)%
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(8.8
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)%
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(16.0
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)%
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—
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(16.0
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)%
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22.0
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Zale US Jewelry
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5.6
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%
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0.4
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%
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6.0
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%
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—
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6.0
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%
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400.2
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Peoples Jewellers
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(2.0)
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%
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0.9
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%
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(1.1)
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%
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(15.4
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)%
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(16.5
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)%
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62.9
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Mappins
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(8.2
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)%
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(3.1
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)%
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(11.3
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)%
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(14.1
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)%
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(25.4
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)%
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9.4
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Zale Canada Jewelry
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(2.8)
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%
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0.2
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%
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(2.6)
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%
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(15.1
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)%
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(17.7
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)%
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72.3
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Zale Jewelry
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4.2
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%
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0.4
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%
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4.6
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%
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(3.1
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)%
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1.5
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%
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472.5
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Piercing Pagoda
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7.2
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%
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1.8
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%
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9.0
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%
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—
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9.0
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%
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60.4
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Zale division
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4.5
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%
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0.5
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%
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5.0
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%
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(2.7
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)%
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2.3
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%
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532.9
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H.Samuel
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1.6
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%
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0.2
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%
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1.8
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%
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(4.0
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)%
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(2.2
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)%
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119.0
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Ernest Jones
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6.9
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%
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2.1
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%
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9.0
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%
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(4.1
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)%
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4.9
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%
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98.0
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UK Jewelry division
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3.9
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%
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1.0
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%
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4.9
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%
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(4.0
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)%
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0.9
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%
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217.0
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Other segment
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—
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%
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(50.0)
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%
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(50.0)
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%
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—
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%
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(50.0)
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%
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1.0
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Signet
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4.9
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%
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1.4
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%
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6.3
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%
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(1.3
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)%
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5.0
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%
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1,947.8
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Adjusted Signet1
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1,951.4
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1 Includes $3.6 million deferred revenue adjustment related
to acquisition accounting which resulted in a reset of deferred revenue
associated with extended service plans sold by Zale Corporation prior to
the acquisition on May 29, 2014.
Quarterly Dividend:
Signet’s board declared a quarterly cash dividend of $0.22 per share for
the fourth quarter of Fiscal 2016, payable on February 26, 2016 to
shareholders of record on January 29, 2016, with an ex-dividend date of
January 28, 2016. This reflects the Board’s confidence in the strength
of the business, Signet’s ability to invest in growth initiatives, and
the Board’s commitment to building long-term shareholder value.
Conference Call:
There will be a conference call today at 8:30 a.m. ET (1:30 p.m. GMT and
5:30 a.m. PT) and a simultaneous audio webcast and slide presentation
available at www.signetjewelers.com. The slides are available to
be downloaded from the website ahead of the conference call. The call
details are: Dial-in 1-647-788-4901. Access code 3157781.
A replay of the conference call and a transcript of the call will be
posted on Signet’s website as soon as is practical after the call has
ended and will be available for one year.
About Signet and Safe Harbor Statement:
Signet Jewelers Limited is the world's largest retailer of diamond
jewelry. Signet operates approximately 3,600 stores primarily under the
name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry,
H.Samuel, Ernest Jones, Peoples and Piercing Pagoda. Further information
on Signet is available at www.signetjewelers.com. See also www.kay.com,
www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk,
www.peoplesjewellers.com and www.pagoda.com.
This release contains 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 and expectations
as well as on assumptions made by and data currently available to
management, include statements regarding, among other things, Signet's
results of operation, financial condition, liquidity, prospects, growth,
strategies and the industry in which Signet operates. The use of the
words "expects," "intends," "anticipates," "estimates," "predicts,"
"believes," "should," "potential," "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, risks relating to Signet being a Bermuda corporation, the
merchandising, pricing and inventory policies followed by Signet, the
reputation of Signet and its brands, the level of competition in the
jewelry sector, the cost and availability of diamonds, gold and other
precious metals, regulations relating to customer credit, seasonality of
Signet's business, financial market risks, deterioration in customers’
financial condition, exchange rate fluctuations, changes in Signet's
credit rating, changes in consumer attitudes regarding jewelry,
management of social, ethical and environmental risks, security breaches
and other disruptions to Signet's information technology infrastructure
and databases, inadequacy in and disruptions to internal controls and
systems, changes in assumptions used in making accounting estimates
relating to items such as extended service plans and pensions, the
impact of the acquisition of Zale Corporation on relationships,
including with employees, suppliers, customers and competitors, and our
ability to successfully integrate Zale's operations and to realize
synergies from the transaction.
For a discussion of these and other risks and uncertainties which could
cause actual results to differ materially from those expressed in any
forward-looking statement, see the "Risk Factors" section of Signet's
Fiscal 2015 Annual Report on Form 10-K filed with the SEC on March 26,
2015. Signet undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or
circumstances, except as required by law.
CONTACT:
Signet Jewelers
Investors:
James Grant, VP Investor
Relations
+1-330-668-5412
or
Media:
David Bouffard, VP
Corporate Affairs
+1-330-668-5369
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