Signet Jewelers Q1 Earnings Beat Street View; Reaffirms FY23 Outlook

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  • Signet Jewelers Ltd SIG reported first-quarter FY23 sales growth of 8.9% year-on-year to $1.84 billion, beating the consensus of $1.80 billion. Same store sales increased 2.5% versus last year.
  • North America segment raked in the major chunk of sales, amounting to $1.7 billion, a 5.4% increase Y/Y. Same-store sales for the segment decreased 0.9% versus last year.
  • International segment same-store sales increased 102.6%, and sales rose 91.6% Y/Y to $110 million.
  • The gross margin contracted 80 basis points to 39.4%. The operating income for the quarter was $0.2 million versus $168.7 million last year.
  • Adjusted EPS of $2.86 beat the consensus of $2.38.
  • Signet used $(135.5) million in operating cash flow in Q1 and held cash and equivalents of $927.6 million as of April 30, 2022.
  • The company had an inventory of $2.2 billion at year-end, a 10% increase Y/Y.
  • "We are reaffirming our annual guidance and expanding our share repurchase authorization by $500 million," said Joan Hilson, Chief Financial and Strategy Officer.
  • Guidance: Signet expects Q2 sales of $1.79 billion - $1.82 billion, versus the consensus of $1.81 billion.
  • It reaffirmed the FY23 sales outlook of $8.03 billion - $8.25 billion, above the consensus of $7.99 billion. Signet sees FY23 EPS of $12.72 - $13.47, above the Street view of $11.81.
  • Price Action: SIG shares are trading higher by 8.01% at $67.18 on the last check Thursday.
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