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05.12.2023 06:50
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SIGNET JEWELERS REPORTS THIRD QUARTER FISCAL 2024 RESULTS
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PR Newswire
HAMILTON, Bermuda, Dec. 5, 2023
Reaffirms Guidance for FY2024 excluding Profitable Sale of 15 U.K. Stores
Engagement Recovery Tracking as Expected
Total Inventory Down 14% Year-over-year
HAMILTON, Bermuda, Dec. 5, 2023 /PRNewswire/ -- Signet Jewelers Limited ("Signet") (NYSE:SIG), the world's largest retailer of diamond jewelry, today announced its results for the 13 weeks ended October 28, 2023 ("third quarter Fiscal 2024").
"We delivered earnings on the high end of our expectations driven by continued progress on our strategic goals. We believe our extensive consumer insights provide a competitive advantage that has contributed to continued bridal market share gains and consistency in average transaction value again this quarter," said Signet Chief Executive Officer Virginia C. Drosos. "Trends through Black Friday weekend, including sequential improvement in engagement trends, are performing in line with guidance expectations for the fourth quarter. As we enter the holiday season, jewelry remains a top of mind gifting category for consumers in a value conscious shopping environment."
"We're reaffirming guidance for FY2024 with the full year outlook updated for the profitable and strategic sale of 15 primarily luxury watch stores in the U.K. We continue to make progress expanding gross margin through merchandise and sourcing strategies and growth in services revenue," said Joan Hilson, Chief Financial, Strategy & Services Officer. "Cost savings initiatives are on track and healthy inventory enables product newness as we enter the holiday season and improved free cash flow, allowing Signet to return nearly $160 million to shareholders already this year."
Third Quarter Fiscal 2024 Highlights:
- Sales of $1.4 billion, down $190.8 million or 12.1% (down 12.4%(1) on a constant currency basis) to Q3 of FY23.
- Same store sales ("SSS")(2) down 11.8% to Q3 of FY23.
- GAAP operating income of $13.3 million, down $35.1 million from Q3 of FY23. Q3 of FY24 includes $7.5 million for integration-related charges for Blue Nile. Q3 of FY23 included $9.5 million related to the fair value adjustment of acquired inventory as well as acquisition and integration-related charges.
- Non-GAAP operating income(1) of $23.9 million, down $34.0 million from Q3 of FY23.
- GAAP diluted earnings per share ("EPS") of $0.07, compared to $0.60 in Q3 of FY23, including $0.16 in integration-related charges for Blue Nile.
- Non-GAAP diluted EPS(1) of $0.24, compared to $0.74 in Q3 of FY23.
- Cash and cash equivalents, at quarter end, of $643.8 million, compared to $327.3 million in Q3 of FY23.
- Year-to-date cash used in operating activities of $205.3 million, compared to cash used of $155.5 million at this time last year, including approximately $200 million for payment of legal settlements in the current year.
- Repurchased $35.1 million, or approximately 0.5 million shares, during the third quarter.
| (1) | See non-GAAP financial measures below. |
| (2) | Same store sales include physical stores and eCommerce sales. Blue Nile is now included in SSS beginning in the third quarter of Fiscal 2024. |
| (in millions, except per share amounts) | | Fiscal 24 Q3 | | Fiscal 23 Q3 | | YTD Fiscal 2024 | | YTD Fiscal 2023 |
| Sales | | $ 1,391.9 | | $ 1,582.7 | | $ 4,673.5 | | $ 5,175.9 |
| SSS % change (1) | | (11.8) % | | (7.6) % | | (12.6) % | | (4.4) % |
| GAAP | | | | | | | | |
| Operating income | | $ 13.3 | | $ 48.4 | | $ 205.2 | | $ 235.4 |
| Operating margin | | 1.0 % | | 3.1 % | | 4.4 % | | 4.5 % |
| GAAP diluted EPS | | $ 0.07 | | $ 0.60 | | $ 3.39 | | $ 1.49 |
| Non-GAAP (2) | | | | | | | | |
| Non-GAAP operating income | | $ 23.9 | | $ 57.9 | | $ 233.1 | | $ 445.7 |
| Non-GAAP operating margin | | 1.7 % | | 3.7 % | | 5.0 % | | 8.6 % |
| Non-GAAP diluted EPS | | $ 0.24 | | $ 0.74 | | $ 3.71 | | $ 6.36 |
| |
| (1) Same store sales include physical stores and eCommerce sales. Blue Nile is now included in SSS beginning in the third quarter of Fiscal 2024. |
| (2) See non-GAAP financial measures below. |
| Third Quarter Fiscal 2024 Results: | |||||||||||
| | |||||||||||
| | Change from previous year | | | ||||||||
| Third Quarter Fiscal 2024 | Same store sales | | Non-same store sales, net (2) | | Total sales at constant exchange rate (3) | | Exchange translation impact | | Total sales as reported | | Total sales (in millions) |
| North America segment | (12.3) % | | 0.5 % | | (11.8) % | | (0.1) % | | (11.9) % | | $ 1,291.1 |
| International segment | (4.6) % | | (3.9) % | | (8.5) % | | 7.1 % | | (1.4) % | | $ 94.0 |
| Other segment (1) | nm | | nm | | nm | | nm Werbung Mehr Nachrichten zur Signet Jewelers Ltd Aktie kostenlos abonnieren
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