After an excellent 12 months for the company, it has maintained its momentum throughout the fourth quarter.
The parent company of Kay Jewelers, Zales, Jared, and other jewellery brands posted net income of $305.7M, or $4.91 per share, for the quarter ended 29 January, up from $245.7M, or $4.12 per share, last year. Adjusted earnings totalled $5.01 per share, in line with analysts’ estimates.
For fiscal 2023, Signet expects sales of $8.03bn to $8.25bn and earnings per share of $12.28 to $13.00. Analysts expected revenue of $7.892bn and earnings per share of $10.52.
“Our fiscal 2023 guidance reflects topline performance that we believe will outpace the market while also delivering a double-digit operating margin by leveraging sustainable advantages, notably fleet optimization, inventory efficiency and an enhanced labour model,” said Joan Hilson, Chief Financial and Strategy Officer. “With a strengthened balance sheet and confidence in our team’s execution, we will continue prioritizing investments that build sustainable competitive advantages and drive shareholder value. To that end, we’ve increased our capital spend for fiscal 2023 as well as our quarterly common dividend and will remain focused on share repurchases.”
