Signet Jewelers Stock Shines On Solid Q3 Beat, FY23 Outlook Boost

  • Signet Jewelers Ltd SIG reported third-quarter FY23 sales growth of 2.9% year-on-year to $1.58 billion, beating the consensus of $1.50 billion. Same store sales decreased 7.6% versus last year.
  • North America segment sales amounted to $1.5 billion, a 5.1% increase Y/Y. Same-store sales for the segment decreased 7.6% versus last year.
  • International segment same-store sales decreased 6.7%, and sales fell 21.2% Y/Y to $95.3 million.
  • Gross margin contracted 250 basis points to 34.9%. The operating income for the quarter was $48.4 million versus $106.9 million last year, with the margin shrinking from 7.0% to 3%.
  • Adjusted EPS of $0.74 beat the consensus of $0.31.
  • Signet used $(155.5) million in operating cash flow year-to-date and held cash and equivalents of $327.3 million as of October 29, 2022.
  • The company had an inventory of $2.4 billion at year-end.
  • Guidance: Signet expects Q4 sales of $2.59 billion - $2.66 billion, versus the consensus of $2.64 billion.
  • It sees FY23 sales of $7.77 billion - $7.84 billion (prior view $7.60 billion - $7.70 billion), above the consensus of $7.74 billion. Signet sees FY23 EPS of $11.40 - $12.00 (prior view $10.98 - $11.57), above the Street view of $10.90.
  • Price Action: SIG shares are trading higher by 19.37% at $69.03 on the last check Tuesday.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!