Signet Jewelers Limited (NYSE:SIG) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Signet Jewelers Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 17.71% to $1.13 in the quarter versus EPS of $0.96 in the year-earlier quarter.
Revenue: Rose 10.4% to $993.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Signet Jewelers Limited reported adjusted EPS income of $1.13 per share. By that measure, the company beat the mean analyst estimate of $1.11. It missed the average revenue estimate of $1.02 billion.
Quoting Management: Mike Barnes, Chief Executive Officer, commented: “We delivered an outstanding first quarter with increases of 6.4% in same store sales and 17.7% in EPS. Our US division led our performance, generating same store sales increases of 10.2% at Kay and 6.0% at Jared. I would like to thank all Signet associates for their contributions to these results.
We were very pleased with our results throughout the quarter, including Valentine’s Day and the run up to Mother’s Day. Our strong sales for these time periods were driven through excellence in execution by our associates, customers’ acceptance of our great merchandise offerings, and the continued effectiveness of our iconic advertising initiatives. These terrific results were achieved by our team’s consistent ability to execute our initiatives by focusing on our competitive strengths. We believe this leaves us well-positioned to achieve our financial objectives for this year.
Consistent with our commitment to returning value to shareholders, we utilized our remaining stock buyback authorization and repurchased $50.1 million of Signet shares during the first quarter.”
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