Signet (SIG) Q4 Earnings And Sales Beat Estimates, Stock Up
Zacks Investment Research | Mar 26, 2020 09:56PM ET
Shares of Signet Jewelers Limited (NYSE:SIG) jumped nearly 30% during the trading session on Mar 26, following its better-than-expected fourth-quarter fiscal 2020 results. Impressively, the quarter marked its ninth consecutive sales beat. Also, the company witnessed solid growth in its same-store sales and e-commerce business. Margins were also impressive in the reported quarter.
Moreover, Signet accomplished cost reduction of roughly $100 million, thus outpaced its cost-saving target for fiscal 2020. Management cited that the momentum the company experienced during the holiday season has continued while going into fiscal 2021.
However, March-to-date performance saw higher impact of coronavirus pandemic, compelling management to shutter all its retail stores. Consequently, it has not issued fiscal 2021 outlook. Also, Signet has temporarily suspended its dividend program, but will pay the May quarterly dividend on its preference shares in kind.
Q4 in Detail
The company reported adjusted earnings of $3.67 per share, which outshined the Zacks Consensus Estimate of $3.47. However, the figure declined 7.3% from the year-ago quarter.
Signet Jewelers Limited Price, Consensus and EPS Surprise
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