SIG - Signet Jewelers reports a 9.4% hit to revenue in fiscal Q1
2024-06-13 07:18:44 ET
Signet Jewelers Ltd (NYSE: SIG) is trading up in premarket on Thursday after reporting better-than-expected per-share earnings for its first quarter.
Signet Jewelers offers encouraging guidance
The stock is gaining also because the diamond jewelery chain issued upbeat guidance for the future. now forecasts its sales to fall between $6.66 billion and $7.02 billion on up to $11.52 a share of earnings in fiscal 2025.
Analysts, in comparison, were at billion and $10.55 per share, respectively. Virginia C. Drosos – the chief executive of Signet Jewelers said in a press release today:
Our results reflect notable acceleration from a sluggish February to the top half of expectations, with an even stronger May. We increased North America engagement unit sales by 400 bps excluding Digital banners.
The New York listed firm spent about $7.4 million on stock buybacks in Q1. Signet Jewelers stock is now up more than 20% versus its year-to-date low in March.
Signet Jewelers Q1 earnings release
- Lost $52.1 million versus the year-ago $97.4 million
- Per-share loss also narrowed from $1.79 to 90 cents
- Adjusted EPS printed at $1.11 as per the earnings report
- Revenue declined 9.4% year-over-year to $1.51 billion
- Consensus was 85 cents a share on $1.52 billion in revenue
Signet Jewelers reported a 9.2% hit to its same-store sales in North America while the international segment was down an even steeper 17%. Still, CEO Virginia said on Thursday:
Customers continue to respond well to our new product offerings and loyalty programme, reflected in a meaningful improvement in comparable sales for Fashion since February. We expect continued momentum in Q2, leading to a positive same-store sales inflection in H2 of 2025.
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