16 Oct 2021
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Signet Jewelers reports $1.8 billion in sales in the Second Quarter
Same store sales(1) up 97.4% with operating profit more than threefold to this time last year
By: Diamond World News Service
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Sep 4 2021 2:33PM
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Reference: 25836  

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"Our Signet team delivered strong second quarter top and bottom line performance with continued execution of our Inspiring Brilliance strategy, enabling us to maximize jewelry category strength and capture share over the last year," said Virginia C. Drosos, Chief Executive Officer. "Our performance this quarter demonstrates that our banner value propositions, product newness, always-on marketing and connected commerce experiences are resonating with new and loyal customers. We are raising our guidance for the year reflecting our business strength and confidence in our growth strategy while remaining cautious regarding the impacts of the macro environment, particularly in the fourth quarter.  I'm proud and appreciative of our team - they continue to embrace our new consumer inspired capabilities with excellence."

"We expanded our share repurchase authorization to $225 million, reflecting our confidence in Signet's long-term growth opportunities. Our performance this quarter generated strong cash flow from operating activities as well as incremental cost savings. Our cash position reflects the efficiency and focus of our now 3.5 years of transformation and provides for further investment as we remain focused on our capital priorities to invest in our growth strategy, progress toward our leverage goals, as well as return capital to shareholders," said Joan Hilson, Chief Financial and Strategy Officer.

Second Quarter Fiscal 2022 Highlights:

  • Total sales were $1.8 billion, an increase of more than $900 million to Q2 of FY21 and more than $423 million to Q2 of FY20.
  • Q2 same store sales ("SSS") up 97.4% (1) to Q2 of FY21 and up 38.1% to Q2 of FY20.
  • eCommerce sales were $336.2 million, up 24.5% to Q2 of FY21 and up 114.3% to Q2 of FY20.
  • Brick and mortar SSS up 130.8% to Q2 of FY21 and up 27.5% to Q2 of FY20.
  • GAAP operating income of $225.4 million, up from a loss of $89.7 million in Q2 of FY21 and a loss of $22.4 million in Q2 of FY20.
  • Non-GAAP operating income of $223.0 million, up from a loss of $41.7 million in Q2 of FY21 and income of $53.1 million in Q2 of FY20.
  • GAAP diluted earnings per share ("EPS") of $3.60, up from a loss per share of $1.73 in Q2 of FY21 and a loss per share of $0.86 in Q2 of FY20.
  • Non-GAAP diluted EPS(2) of $3.57, an increase from a loss per share of $1.13 in Q2 of FY21 and EPS of $0.51 in Q2 of FY20.
  • Cash flow from operating activities to date of $458.5 million, including $81.3 million from the sale of credit card receivables, up more than $300 million and $210 million to this time in FY21 and FY20, respectively.
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