Free Research Report as Signet Jewelers’ Quarterly Revenues Advanced 5.50%

LONDON, UK / ACCESSWIRE / July 5, 2018 / If you want access to our free earnings report on Signet Jewelers Ltd (NYSE: SIG) (“Signet”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SIG. The Company reported its financial results on June 06, 2018, for the first quarter of the fiscal year 2019, ended May 05, 2018. The Company surpassed analysts’ estimates for earnings and revenues for Q1 FY19. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Signet Jewelers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=SIG

Earnings Highlights and Summary

For Q1 FY19, Signet’s total revenues reached $1.48 billion, reflecting an increase of 5.50% from $1.40 billion in Q1 FY18. The Company’s revenue numbers exceeded analysts’ consensus estimates of $1.43 billion. On a constant currency basis, the Company’s revenues increased 4.30% on a y-o-y basis. For Q1 FY19, Signet’s total same store sales decreased 0.10% from the prior year’s same quarter.

During Q1 FY19, Signet’s total cost of sales was $995.80 million, 6.63% higher than $912.20 million in Q1 FY18. The Company’s gross profit fell 1.30% to $484.80 million in the quarter under review from $491.20 million in the year ago comparable quarter.

Signet incurred selling, general, and administrative expenses (SG&A) of $482.80 million in Q1 FY19, 6.63% higher than $452.80 million in Q1 FY18. For the reported quarter, the Company incurred credit transaction expenses of $143.10 million and goodwill and intangible impairments of $448.70 million. Signet had an operating loss of $574.20 million in Q1 FY19 compared to an operating income of $115.30 million in Q1 FY18.

For the quarter ended May 05, 2018, Signet’s net loss attributable to common shareholders was $504.80 million compared to a net income of $70.30 million in the corresponding period of last year. The Company had a diluted loss per share of $8.48 in the reported quarter compared to a diluted income per share of $1.03 in the prior year’s same quarter. The Company’s reported earnings included a $6.44 charge related to a goodwill and intangible asset impairment; a $2.05 impact related to a loss on non-prime receivables reclassified as held for sale in the quarter; and a $0.09 charge related to the Path to Brilliance transformation plan. Signet’s adjusted diluted earnings per share (EPS), excluding these non-recurring items, was $0.10 in Q1 FY19 compared to $1.03 in Q1 FY18. Market analysts had estimated the Company to report a loss per share of $0.11 for the reported quarter.

Segment Details

Signet’s North America segment reported revenues of $1.35 billion in Q1 FY19, up 5.80% on a y-o-y basis. The segment had a non-GAAP operating income of $52.40 million in the reported quarter versus $134.80 million in the previous year’s comparable quarter.

During Q1 FY19, Signet’s International segment had revenues of $128.70 million, 5.10% higher than in the prior year’s corresponding quarter. The segment had a non-GAAP operating loss of $7.60 million in Q1 FY19 compared to an operating loss of $2.50 million in Q1 FY18.

Cash Matters

Signet had cash and cash equivalents of $153.90 million as on May 05, 2018, an increase of 54.36% from $99.70 million as on April 29, 2017. The Company had a long-term debt of $679.70 million as on May 05, 2018, 48.18% lower than $1.31 billion as on April 29, 2017.

For the three months ended May 05, 2018, Signet’s cash provided by operating activities was $27.90 million, a decrease of 50.88% from $56.80 million in the corresponding period of last year.

Signet spent $26.10 million on purchases of property, plant, and equipment in Q1 FY19, 53.56% lower than $56.20 million in Q1 FY18.

Signet paid common share dividends of $18.80 million and redeemable convertible preferred shares dividends of $7.80 million in Q1 FY19. The Company spent $60 million on the repurchase of common shares in the reported quarter. As of May 05, 2018, Signet had $590.60 million remaining under its share repurchase authorization.

Outlook

For the full fiscal year 2019, Signet expects same store sales of down low-to-mid single digits and total sales of $5.90 billion to $6.10 billion. The Company revised its GAAP EPS guidance to $(7.30) to $(7.90) for FY19, due to goodwill and intangibles impairment charges and reiterated its non-GAAP EPS guidance of $3.75 to $4.25.

For the second quarter of the fiscal year 2019, Signet expects same store sales of down mid-single digits and total sales of $1.30 billion to $1.35 billion. The Company expects GAAP EPS of $(1) to $(0.75) and non-GAAP EPS of $0.05 to $0.20 for Q2 FY19.

Signet’s Board of Directors declared a quarterly cash dividend of $0.37 per share in Q2 FY19, payable on August 31, 2018, to shareholders of record as on August 03, 2018, with an ex-dividend date of August 02, 2018.

Stock Performance Snapshot

July 02, 2018 – At Monday’s closing bell, Signet Jewelers’ stock marginally declined 0.11%, ending the trading session at $56.05.

Volume traded for the day: 1.40 million shares.

Stock performance in the last month – up 28.26%; previous three-month period – up 51.98%; and past six-month period – up 1.37%

After last Monday’s close, Signet Jewelers’ market cap was at $3.40 billion.

The stock has a dividend yield of 2.64%.

The stock is part of the Services sector, categorized under the Jewelry Stores industry.

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