Signet Jewelers Boosts FY24 Earnings Outlook As Q2 Results Top Estimates

(RTTNews) - Diamond jewelry retailer Signet Jewelers Ltd. (SIG) reported Thursday that second-quarter net income attributable to common shareholders plunged to $66.5 million or $1.38 per share from $136.8 million or $2.58 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.55 per share, compared to $2.68 per share in the year-ago quarter.

Sales for the quarter decreased to $1.61 billion from $1.75 billion in the same quarter last year. Same store sales were down 12.0 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.45 per share on revenues of $1.58 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the third quarter, the company expects total sales between $1.36 billion and $1.41 billion. Analysts expect revenues of $1.40 billion for the quarter.

For fiscal 2024, the company now projects adjusted earnings in a range of $9.55 to $10.14 per share on total sales between $7.10 billion and $7.30 billion.

Previously, the company expected adjusted earnings in the range of $9.49 to $10.09 per share on total sales between $7.10 billion and $7.30 billion.

The Street is looking for earnings of $9.42 per share on sales of $7.18 billion for the year.

Signet's Board of Directors has also declared a quarterly cash dividend on common shares of $0.23 per share for the second quarter of Fiscal 2024, payable November 24, 2023 to shareholders of record on October 27, 2023, with an ex-dividend date of October 26, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com