Signet Q2 2021 Earnings Report
Key Takeaways
Signet Jewelers reported a 34.9% year-over-year decrease in total sales to $888.0 million for the second quarter of fiscal 2021. Same store sales decreased by 31.3%, but eCommerce sales increased by 72.1%. The company's net structural cost savings are on track to exceed $100 million in FY21.
Q2 same store sales decreased 31.3%, reflecting eCommerce growth of 72.1% year over year.
Preliminary August SSS are up 10.9% with eCommerce growth of 65.2%.
Net structural cost savings are on track to exceed $100 million in FY21.
GAAP earnings per share was $(1.73), which reflects a pre-tax impairment charge of $0.39.
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Forward Guidance
Signet is not providing financial guidance due to the continuing uncertainty surrounding multiple factors including the magnitude and potential resurgence of COVID-19 in key trade areas, extended duration of heightened unemployment, supply chain disruptions and macro or governmental influences on consumers’ ability to spend.