Signet Jewelers Limited Reports Sales Results for the Nine Weeks Ended December 30, 2017; Revises Earnings Guidance for the Fiscal Year 2018
January 10, 2018 at 06:55 am
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Signet Jewelers Limited reported sales results for the nine weeks ended December 30, 2017. For the nine weeks, the company's total sales were $1,881.7 million, down $59.2 million or 3.1%, compared to $1,940.9 million in prior year. Same store sales were decreased 5.3%. Sales declines were primarily driven by weakness in the Sterling division, impacted predominantly by the credit outsourcing transition which accounted for approximately two-thirds of the decrease.
For the fiscal year 2018, the company now expects earnings per share (excluding U.S. tax reform) to be $6.17 to $6.22 and earnings per share (including U.S. tax reform) to be $6.45 to $6.50 against $6.10 to $6.50 previously expected. The company now expects effective tax rate (excluding U.S. tax reform) to be 18% and effective tax rate (including U.S. tax reform) to be 14% to 15% against 22% previously expected. The company now expects capital expenditures (excluding U.S. tax reform) to be $230 million to $240 million and capital expenditures (including U.S. tax reform) to be $230 million to $240 million against $245 million to $260 million previously expected. The company expects same store sales to be down mid-single-digit%.
Signet Jewelers Ltd is a Bermuda-based holding company. The Company is a retailer of diamond jewelry. Its segments include North America, International and Other. The North America segment operates across the United States and Canada. Its United States stores operate nationally in malls and off-mall locations, as well as online, principally as Kay (Kay Jewelers and Kay Outlet), Zales (Zales Jewelers and Zales Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), Diamonds Direct, Banter by Piercing Pagoda, Rocksbox, and digital banners, James Allen and Blue Nile. Its Canadian stores operate as Peoples Jewellers. The International segment operates stores in the United Kingdom, Republic of Ireland and Channel Islands, as well as online. Its stores operate in shopping malls and off-mall locations principally under the H. Samuel and Ernest Jones banners. Other segment consists of subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones.