Signet SSS tumbled 9.1% YoY

Fiscal 2024 guidance reflects confidence! 

Recently, Signet Jewelers announced its results for the 13 weeks and 52 weeks (Fiscal 2023) ended January 28, 2023.  

"Thank you to our team for their dedication, agility, and excellent execution. We delivered on our three key priorities of growing market share, achieving an annual double-digit non-GAAP operating margin, and leveraging capital allocation to drive shareholder returns despite headwinds and volatility throughout the year," said Signet Chief Executive Officer Virginia C. Drosos. "  

As we turn to FY24, we are confident in the sustainable competitive advantages we've built and our ability to leverage our enhanced infrastructure and scale to grow ahead of the jewelry industry.

"Our Fiscal 2024 guidance reflects confidence in our ability to deliver an annual double-digit non-GAAP operating margin despite a jewelry retail environment that we estimate will decline mid-single digits through the year," said Joan Hilson, Chief Financial, Strategy and Services Officer.  

Consistent with our stated capital allocation priorities to drive shareholder returns, we have prioritized up to $200 million in capital investments, increased our quarterly common dividend to $0.23 per share as part of our commitment as a dividend growth company, and increased our share buyback program by $263 million, bringing the total remaining authorization to approximately $775 million."  

According to the details for the Fourth Quarter Fiscal 2023, total sales of $2.7 billion, down $145.1 million or 5.2% (down 4.3% on a constant currency basis) to increased sales in FY22, resulting in part from government benefit programs and the Company's strategic transformation including marketing initiatives, and up $512.9 million or 23.8% compared to FY20.  

In addition, the current year quarter was negatively impacted by weather in the US in the peak selling period before Christmas, as well as labor strikes and the impact of the weakened British Pound in the UK.  

Same store sales (SSS) down 9.1% to last year and up 16.4% to FY20. While, GAAP operating income of $369.5 million, down from $402.4 million in FY22 and up from $223.2 million in FY20. Q4 FY23 includes $35.2 million related to asset impairment and litigation charges, as well as acquisition and integration-related charges related to Blue Nile.