Signet Jewelers Ltd. (NYSE:SIG) is the world’s biggest retailer of diamond jewelry. The company, founded in 1949, became a leading jewelry retailer through aggressive expansion and a series of acquisitions during its decades-long journey. It currently operates nearly 2,800 stores spread across the U.S., U.K, and Canada.
The Hamilton, Bermuda-based company recently announced strong financial results for the fourth quarter. Signet reported earnings of $4.12 per share for the three months ended January 30, up from $3.14 per share in the comparable period of 2020. Excluding certain items, it reported adjusted earnings of $4.15 per share, easily beating the consensus forecast of $3.54.
Revenue inched up 1.5 percent on a year-over-year basis to $2.187 billion, above analysts’ average estimate of $2.101 billion. Same-store sales rose 7 percent, while online sales climbed 70 percent in the quarter.
Speaking on the results, CEO Virginia Drosos said, “This quarter marked an important milestone for Signet as our team delivered a strong fourth quarter and third year of the Company’s Path to Brilliance transformation. These results reflect the exceptionally hard work and resilience of our Signet team members in a uniquely challenging time. I’m so appreciative of their passion, commitment to our purpose, and agility in meeting the needs of our customers with new digital capabilities.”
Signet also issued a solid financial outlook for the first quarter and fiscal 2022. It expects to report revenue in the range of $1.42 billion to $1.46 billion for the current quarter and between $5.85 billion to $6.00 billion for the full year. Analysts on average were looking for revenue of $1.280 billion for Q1 and $5.739 billion for FY 2022.
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