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May 02, 2020
Signet Q1 2021 Earnings Report
Signet's Q1 2021 results were impacted by temporary store closures due to COVID-19, but e-commerce sales grew, offsetting some losses.
Key Takeaways
Signet Jewelers reported a significant decrease in sales and earnings for Q1 2021 due to the temporary closure of stores in late March as a result of the COVID-19 pandemic. However, e-commerce sales increased, and the company accelerated its digital transformation and omnichannel initiatives. Signet identified additional cost savings and took measures to preserve liquidity.
Q1 same store sales decreased by 38.9% due to temporary store closures.
E-Commerce sales increased by 6.7%, with growth accelerating to 55% in April excluding James Allen.
Identified over $100 million in additional structural cost savings for the fiscal year in response to COVID-19.
GAAP EPS was $(3.83), including non-cash impairment charges; Non-GAAP diluted EPS was $(1.59).
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Due to the continuing level of uncertainty in the current environment, the Company is not providing Fiscal 2021 financial guidance at this time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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