Signet Jewelers Q4 Adj. Profit Rises

(RTTNews) - Signet Jewelers Limited (SIG) reported net income attributable to common shareholders of $617.6 million for the 14 weeks ended February 3, 2024 compared to $268.7 million for the 13 weeks ended January 28, 2023. GAAP earnings per share was $11.75, compared to $5.02, a year ago. Fourth quarter included a $4.94 per share benefit of a deferred tax asset related to the enactment of the Corporate Income Tax Act of 2023 in Bermuda. Non-GAAP EPS was $6.73, compared to $5.52. This included a $0.38 tax benefit to fiscal 2024 from the release of a tax accrual in the prior year.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $6.37, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter total sales were $2.5 billion, down 6.3% or down 6.6% on a constant currency basis, from last year. This included $103.2 million of sales from the 53rd week. Same store sales were down 9.6%. Analysts on average had estimated $2.55 billion in revenue.

For fiscal 2025, the company expects: EPS in a range of $9.08 to $10.48; total sales in a range of $6.66 billion to $7.02 billion; and same store sales to be between a decline of 4.5% and an increase of 0.5%.

For first quarter, the company expects: total sales in a range of $1.47 billion to $1.53 billion; and same store sales to decline in a range of 11% to 7%.

"Fueled by robust cash conversion, we are raising our share buyback program from approximately $650 million to $850 million, increasing our common dividend, and maintaining ample financial capacity to address maturities this fiscal year," said Joan Hilson, Chief Financial, Strategy & Services Officer.

Signet's Board has declared a quarterly cash dividend on common shares of $0.29 per share for the first quarter of fiscal 2025, payable May 24, 2024, to shareholders of record on April 26, 2024.

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