Market Overview

Signet Jewelers Reports First Quarter Fiscal 2020 Financial Results

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Signet Jewelers Limited ("Signet") (NYSE:SIG), the world's largest
retailer of diamond jewelry, today announced its results for the 13
weeks ended May 4, 2019 ("first quarter Fiscal 2020").

Summary:

First Quarter Fiscal 2020

  • Same store sales ("SSS") down 1.3%1, with
    eCommerce sales up 5.3%
  • GAAP diluted earnings per share ("EPS") of $(0.35) and non-GAAP
    diluted EPS of $0.082
  • Net cash provided by operating activities of $105.4 million in the
    first quarter, an increase of $77.5 million versus prior year quarter
  • Free cash flow of $80.8 million in the first quarter, an increase of
    $79 million versus prior year quarter

Fiscal 2020 Guidance

  • Fiscal 2020 same store sales down 2.5% to down 1.5% and total sales of
    $6.0 billion - $6.06 billion
  • Fiscal 2020 GAAP operating income of $190 - $225 million and non-GAAP
    operating income of $260 - $280 million2
  • Fiscal 2020 GAAP diluted EPS of $1.88 - $2.38 and non-GAAP diluted EPS
    of $2.88 - $3.172
         

Q1 Fiscal
2020

Q1 Fiscal
2019

Revenue ($ in millions) $ 1,431.7 $ 1,480.6
Same store sales % change1 (1.3 )% (0.1 )%
GAAP

Operating income (loss)

$ (2.6 ) $ (574.2 )
Operating income (loss) as % of sales (0.2 )% (38.8 )%
GAAP Diluted EPS $ (0.35 ) $ (8.48 )
Non-GAAP(2)

Non-GAAP operating income (loss)

$ 24.2 $ 24.1
Non-GAAP operating income (loss) as % of sales 1.7 % 1.6 %
Non-GAAP Diluted EPS $ 0.08 $ 0.10
(1)   Same store sales include physical store sales and eCommerce sales.
(2) See non-GAAP reconciliation page.
 

"We delivered operating profit above our guidance range and strong free
cash flow in the first quarter, with same store sales at the low end of
our guidance," said Signet Chief Executive Officer Virginia C. Drosos.
"Given the sales trends we experienced year to date and softening retail
traffic, we are narrowing our Fiscal 2020 guidance while continuing to
expect strong progress on cost savings across our business. We remain
focused on executing our Path to Brilliance transformation initiatives
to improve the trajectory of our same store sales and drive higher
profitability over the long-term."

      Change from previous year    

First Quarter Fiscal 2020

Same
store
sales

   

Non-same
store sales,
net

   

Total sales
at constant
exchange
rate

    Exchange
translation
impact
    Total
sales
as reported
Total
sales
(in millions)
Kay (1.4 )% % (1.4 )% na (1.4 )% $ 574.8
Zales (1.4 )% (3.0 )% (4.4 )% na (4.4 )% $ 285.0
Jared (2.0 )% (2.7 )% (4.7 )% na (4.7 )% $ 255.0
Piercing Pagoda 13.5 % (2.5 )% 11.0 % na 11.0 % $ 82.6
James Allen (
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