Signet Jewelers Ltd (NYSE: SIG)
Signet Jewelers reported third-quarter results on Thursday with revenue topping analyst estimates. Identical-store sales growth, addition of James Allen, and impressive online sales boosted overall sales of the jewelry retailer during the quarter.
The company also raised its full-year revenue and earnings per share outlook. SIG stock closed the regular trading session on Thursday at $41.00 after losing $9.03, or 18.05%.
SIG Earnings & Outlook
Signet Jewelers reported third-quarter loss of 29.9 million, or $0.74 per share, compared with a loss of $3.9 million, or $0.20 per share, in the year ago period. Excluding one-time gains and costs, Signet Jewellers posted a loss of $1.06 per share. The FactSet per-share loss consensus was $1.10.
Sales increased 3% to $1.19 billion just above Wall Street estimates of $1.16 billion. Comparable sales climbed 1.6% during the quarter compared with analyst expectations for a 0.1% increase. Signet raised its earnings per share and revenue outlook for its current fiscal year. It expects adjusted earnings per share of between $4.15 to $4.40 from its previous guidance of $4.05 to $4.40 a share.
It also expects full-year revenue in the range of $6.2 billion to $6.31 billion from the prior guidance of $6.2 billion to $6.3 billion. The current Wall Street estimate for the full year is earnings of $4.28 a share on sales of $6.27 billion.
Signet Jewelers CEO Comments
Signet jewelers chief executive Virginia c. Drosos stated, “In the third quarter, we delivered positive same store sales growth, with a return to positive same store sales in our kay banner, further momentum at Piercing Pagoda and Zale, and double-digit increases in ecommerce sales.”
“As we enter the holiday season, amid a highly competitive market and with key selling weeks ahead, we are keenly focused on delivering on our holiday plans and implementing the beginning stages of our transformation initiatives in our stores and on our websites. While still early, we believe the initiatives underway will serve as a foundation for our future efforts as we move along our transformation journey,” Drosos concluded.
Signet Jewelers Ltd. Profile
Signet Jewelers Ltd. engages in retailing of jewelry, watches and associated services. It operates through the following business segment: Sterling Jewelers, Zale, UK jewelry, and others. The Sterling Jewelers segment operates nationally in malls and off-mall locations. The Zale segment operates Zale Jewelry and Piercing Pagoda.
The UK Jewelry segment operates in shopping malls and off-mall locations principally as H. Samuel and Ernest Jones in the United Kingdom and Channel Islands. The Others segment is comprised of the corporate administrative functions of the company. The company was founded in 1949 and is headquartered in Hamilton, Bermuda. Its competitors include Birks Group Inc. and Tiffany & Co. – CNN Money