Signet Jewelers Reports 3Q Fiscal 2024

Dec 20, 2023

Signet’s fourth quarter and full year Fiscal 2024 guidance for sales, operating income and diluted EPS is provided on a non-GAAP basis. The Company’s fourth quarter and full year Fiscal 2024 outlook is based on the following assumptions.

Updated for the strategic sale of 15 luxury watch stores in the U.K. in the fourth quarter, including approximately $25 million of revenue and $5 million of 4-wall operating income. Fiscal 2024 is a 53-week fiscal year. Signet estimates that sales for the 53rd week in the fourth quarter of Fiscal 2024 between $80 million and $100 million.

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 in the fourth quarter, and further rebound over the next three years. Bridal overall, inclusive of engagements, historically represents nearly 50% of Signet’s merchandise sales.

Annual tax rate of approximately 19% excludes additional discrete items. Diluted EPS for Fiscal 2024 includes the repurchase of an additional 0.5 million shares during Q3 and 0.1 million shares during Q4 of FY24, the dilutive effect of the 8.2 million preferred shares and excludes the impact of any further share repurchases beyond what is reported.

You May Also Like