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Jul 29, 2023
Signet Q2 2024 Earnings Report
Outperformed second quarter expectations and reaffirmed outlook.
Key Takeaways
Signet Jewelers reported sales of $1.6 billion, down 8.1% compared to Q2 of FY23. GAAP diluted EPS was $1.38, while non-GAAP diluted EPS was $1.55. The company reaffirms its full year revenue and non-GAAP operating income guidance.
Sales of $1.6 billion, down 8.1% to Q2 of FY23.
Same store sales down 12.0% to Q2 of FY23.
GAAP operating income of $90.2 million, down $96.6 million from Q2 of FY23.
Non-GAAP diluted EPS of $1.55, compared to $2.68 in Q2 of FY23.
Signet
Signet
Signet Revenue by Segment
Signet Revenue by Geographic Location
Revenue by Segment
Other Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Signet's third quarter and full year Fiscal 2024 guidance for sales, operating income and diluted EPS is provided on a non-GAAP basis.
Positive Outlook
- The Company continues to expect annual US Jewelry industry revenues to be down more than the Company’s initial expectations of mid-single digits, driven by the impacts of macroeconomic factors on consumer spending and continued shift of consumer discretionary spend.
- The Company’s guidance contemplates annual market share gains against this total industry performance range.
- Planned capital investments up to $200 million, reflecting investments in banner differentiation, including stores, Connected Commerce capabilities, and digital and technology advancement.
- The Company continues to expect headwinds in engagements with recovery beginning later in Fiscal 2024, and further rebound over the next three years.
- Annual tax rate of approximately 19% excludes additional discrete items.
Challenges Ahead
- Total sales $1.36 billion to $1.41 billion
- Operating income $10 million to $25 million
- Diluted EPS $9.55 to $10.14
- Total sales $7.10 billion to $7.30 billion
- Operating income $635 million to $675 million