Signet Jewelers sales grew 0.6% in FY 2020!
Signet Jewelers Limited announced its results for the 13 weeks 4Q FY 2020 & of 52 weeks FY 2020 ended February 1, 2020.
According to the 4Q FY2020, same store sales grew 2.3% with North America same store sales up 2.9%. GAAP diluted earnings per share of $3.14, including the impact of restructuring charges and resolution of previously disclosed litigation, Non-GAAP diluted EPS of $3.671.
At FY 2020 claims same store sales grew 0.6%. GAAP diluted EPS of $1.40, including the impact of a non-cash impairment charge related to goodwill and intangibles, restructuring charges, and resolution of previously disclosed litigation, Non-GAAP diluted EPS of $3.881, operating cash flow of $555.7 million and free cash flow of $419.4 million.
Virginia C. Drosos, Chief Executive Officer, commented, “On behalf of the Signet team, our thoughts and prayers are with all those who are impacted by the COVID-19 pandemic. We have heartfelt appreciation and admiration for all who are working tirelessly to fight the spread of this disease.”
Ms. Drosos continued, “While it is difficult in the current environment to reflect on the past, it’s important to consider where we’ve been and look ahead with the expectation of recovery. Prior to this crisis, our Signet team delivered results ahead of expectations for the fourth quarter and Fiscal 2020.
Moreover, we delivered our best overall holiday business performance in four years. As we entered Fiscal 2021, our momentum from holiday continued, including a strong Valentine’s Day selling period, validating that the strategic initiatives and investments we made in the first two years of our Path to Brilliance transformation are delivering results.
"What’s paramount now is that we are moving quickly and aggressively to strengthen Signet’s financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint. In addition, we have accessed $900 million from our revolving credit facility, suspended our common dividend, and elected to pay the May quarterly dividend on the preference shares in kind rather than in cash.
In line with our Customer First and Omni-channel strategies, we are prioritizing choiceful digital investments, including advancing our e-commerce experience and enabling a more flexible fulfillment model. We believe the exceptional team, capabilities, and agility we have built through our Path to Brilliance transformation position us well to navigate these unprecedented business times and emerge with greater competitive advantages.
I want to thank all of our team members for their continued commitment to each other, our customers, our shareholders and our company. Amidst all challenges, they are demonstrating remarkable compassion, courage, and creativity.”
