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Aug 01, 2020
Signet Q2 2021 Earnings Report
Sales improved sequentially due to store re-openings, virtual selling model, improved merchandise assortment, and enhanced digital marketing.
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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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