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Jan 29, 2022
Signet Q4 2022 Earnings Report
Signet reported strong Q4 2022 results driven by significant sales growth and market share gains.
Key Takeaways
Signet Jewelers reported strong Q4 2022 results, with total sales increasing by 28.6% to $2.8 billion. The company's performance was driven by investments in Connected Commerce capabilities and differentiated banner assortment and marketing, leading to meaningful share gains.
Total sales increased by 28.6% to $2.8 billion compared to last year.
Brick and mortar sales increased by 34.6% to $2.3 billion.
eCommerce sales increased by 8.7% to $556.0 million.
GAAP diluted earnings per share increased to $4.91, up from $4.12 in Q4 of FY21.
Signet
Signet
Signet Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Signet provided its Fiscal 2023 outlook on a non-GAAP basis, expecting annual industry revenues to be down low single digits to roughly flat. The company's guidance contemplates market share gains against this total industry performance range.
Positive Outlook
- Total revenue $1.78 billion - $1.82 billion for Q1 2023
- Operating income $177 million - $186 million for Q1 2023
- Earnings Per Share $12.28 - $13.00 for Q1 2023
- Total revenue $8.03 billion to $8.25 billion for FY2023
- Operating income $921 million - $974 million for FY2023
Challenges Ahead
- Annual industry revenues are expected to be down low single digits to roughly flat.
- Guidance assumes no significant disruptions in availability of inventory.
- The Company expects inflationary pressures in the diamond market to continue in Fiscal 2023
- Signet anticipates some shift of consumer discretionary spending away from the jewelry category.
- The above guidance excludes non-recurring charges of approximately $11 million relating to the step-up of Diamonds Direct inventory
Revenue & Expenses
Visualization of income flow from segment revenue to net income