Signet Path to Brilliance!
Implements "Signet Path to Brilliance" Transformation Strategy to Drive Growth and Long-term Financial Performance. Announces Agreement to Sell Non-Prime Receivables! According to the report for Signet Fiscal 2018, same store sales declined 5.2% in the fourth quarter and declined 5.3% in full year fiscal 2018!
For Fiscal 2019 and Beyond Signet announces second phase of credit outsourcing in an agreement to sell the remaining, non-prime portion of its accounts receivable for proceeds of $401 million - $435 million to investment funds managed by CarVal Investors with proceeds used to fund share repurchases of approximately $475 million.
Provides Fiscal 2019 guidance for same store sales down low-to-mid single digits, total sales of $5.9 billion -$6.1 billion, GAAP diluted EPS of $0.00 - $0.60 and non-GAAP diluted EPS of $3.75 - $4.25.
The world's largest retailer of diamond jewelry, announced its results for the fourth quarter Fiscal 2018 and Fiscal 2018 ended February 3, 2018. The result says, “Fiscal 2018 was a challenging year for Signet," said Signet Jewelers Chief Executive Officer Virginia C. Drosos.
"We gained sales momentum in our Zales banner in the fourth quarter as our strategic initiatives began to take hold, but we experienced challenges at our Kay and Jared banners, including execution issues related to the first phase of our credit outsourcing transaction."
She continued, “Today we are announcing a three-year company-wide comprehensive strategy to reinvigorate Signet and transform the Company to be a share-gaining, OmniChannel jewelry category leader. Our 'Signet Path to Brilliance' plan will advance our strategic priorities across our Customer First, OmniChannel and Culture of Agility and Efficiency pillars.
Plan initiatives build on the strength of the Signet banners and focus on 1) investing in eCommerce and product innovation, 2) enhancing customer value, and 3) increasing cost competitiveness. We will also look to further optimize our real estate portfolio through opportunistic reinvestment in innovative store concepts, relocations to off-mall locations, and strategic store closures.
Looking ahead, Fiscal 2019 will be an important transition year as we implement our transformation plan, and we expect to see improved operational and financial performance beginning in Fiscal 2020.”
