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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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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