1Q signs of stabilization for Signet!
Signet announced its results for first quarter Q1 Fiscal 2019. According to the given summary, same store sales (SSS) essentially flat with prior year Q1. GAAP diluted earnings per share (EPS) of $(8.48), including the impact of a non-cash impairment charge related to goodwill and intangibles, loss recognized on held for sale non-prime receivables and restructuring charges.
Company continues to expect $475 million in share repurchases in Fiscal 2019, of which $60 million were
repurchased in the first quarter. Company continues to expect sale of non-prime receivables to close in second quarter of Fiscal 2019.
“As we begin to implement our Signet Path to Brilliance transformation plan, we remain focused on driving
operational improvement by executing on our Customer First, Omni Channel and Culture of Agility and Efficiency pillars,” said Signet Jewelers Chief Executive Officer Virginia C. Drosos.
“In the first quarter, we saw signs of stabilization in our overall sales and once again achieved double digit growth in eCommerce.” She continued, “Looking ahead, we expect second quarter revenues to be impacted by a tougher prior year same store sales comparison and calendar shifts.
We are maintaining our full year 2019 guidance and are intensely focused on laying the foundation to support improved performance in the holiday season. While progress will continue to be gradual and incremental, we are confident Signet is on the right path to achieve long-term sustainable, profitable growth.”
