On March 20, 2024, Signet Jewelers Limited, the world's largest retailer of diamond jewelry, reported its financial results for the fourth quarter and full fiscal year 2024, which ended on February 3, 2024. The company announced total sales of $2.5 billion for the quarter, a decrease of 6.3% compared to the same period last year, and $7.2 billion for the full year, down 8.6% from the previous year. Same store sales decreased by 9.6% for the quarter and 11.6% for the year. Despite the sales decline, GAAP operating income for the quarter increased to $416.3 million from $369.5 million in the prior year, and non-GAAP operating income slightly rose to $409.7 million from $404.7 million. GAAP diluted earnings per share (EPS) for the quarter were $11.75, significantly higher than the $5.02 reported in the same...Show More

On March 20, 2024, Signet Jewelers Limited, the world's largest retailer of diamond jewelry, reported its financial results for the fourth quarter and full fiscal year 2024, which ended on February 3, 2024. The company announced total sales of $2.5 billion for the quarter, a decrease of 6.3% compared to the same period last year, and $7.2 billion for the full year, down 8.6% from the previous year. Same store sales decreased by 9.6% for the quarter and 11.6% for the year. Despite the sales decline, GAAP operating income for the quarter increased to $416.3 million from $369.5 million in the prior year, and non-GAAP operating income slightly rose to $409.7 million from $404.7 million. GAAP diluted earnings per share (EPS) for the quarter were $11.75, significantly higher than the $5.02 reported in the same quarter of the previous year, largely due to a deferred tax asset benefit related to the Corporate Income Tax Act of 2023 in Bermuda. Non-GAAP diluted EPS for the quarter was $6.73, up from $5.52 in the prior year. The company ended the year with $1.4 billion in cash and cash equivalents, an increase from the previous year, and repurchased approximately 1.9 million shares during fiscal 2024. Signet also announced a $350 million cost reduction initiative over the next three years, raised its share repurchase authorization to $850 million, and increased its common dividend by 26%. Looking ahead to fiscal 2025, Signet expects sequential same store sales improvement and has provided guidance reflecting sales between $6.66 to $7.02 billion, with same store sales ranging from a decrease of 4.5% to an increase of 0.5%, and operating income between $590 to $675 million.