Benzinga -
- Signet Jewelers Ltd (NYSE: SIG (LON:SHI)) reported third-quarter FY23 sales growth of 2.9% year-on-year to $1.58 billion, beating the consensus of $1.50 billion. Same store sales decreased 7.6% versus last year.
- North America segment sales amounted to $1.5 billion, a 5.1% increase Y/Y. Same-store sales for the segment decreased 7.6% versus last year.
- International segment same-store sales decreased 6.7%, and sales fell 21.2% Y/Y to $95.3 million.
- Gross margin contracted 250 basis points to 34.9%. The operating income for the quarter was $48.4 million versus $106.9 million last year, with the margin shrinking from 7.0% to 3%.
- Adjusted EPS of $0.74 beat the consensus of $0.31.
- Signet used $(155.5) million in operating cash flow year-to-date and held cash and equivalents of $327.3 million as of October 29, 2022.
- The company had an inventory of $2.4 billion at year-end.
- Guidance: Signet expects Q4 sales of $2.59 billion - $2.66 billion, versus the consensus of $2.64 billion.
- It sees FY23 sales of $7.77 billion - $7.84 billion (prior view $7.60 billion - $7.70 billion), above the consensus of $7.74 billion. Signet sees FY23 EPS of $11.40 - $12.00 (prior view $10.98 - $11.57), above the Street view of $10.90.
- Price Action: SIG shares are trading higher by 19.37% at $69.03 on the last check Tuesday.
- Photo Via Company