Signet Jewelers (SIG) Misses Q1 EPS by 1c; Comps Rise 3.6%

Signet Jewelers (NYSE: SIG) reported Q1 EPS of $1.62, $0.01 worse than the analyst estimate of $1.63. Revenue for the quarter came in at $1.54 billion versus the consensus estimate of $1.54 billion.

Signet Jewelers sees Q2 2015 EPS of $1.11-$1.16, versus the consensus of $1.19.

Mark Light, Chief Executive Officer of Signet, said, “We delivered a very strong first quarter of 3.6% same store sales and a 25.6% increase in adjusted EPS. Each of our divisions had impressive same store sales increases, led by our UK division with an increase of 6.2%, while our newest division, Zale, had a 5.6% increase. The Sterling division had a 2.3% same store increase -- its 22nd consecutive quarterly comp increase. These results afforded us the opportunity to repurchase $21.9 million of Signet stock in the first quarter, in-line with our capital allocation plan.

"We continue to see favorable progress of our integration of the Zale division. As we implement new operating initiatives and deploy incremental capital resources, the Zale division has begun, as expected, to grow its same store sales faster than Signet overall. We expect this trend to continue, and we remain well-positioned to meet our goal of $150 million to $175 million in cumulative 3-year operating profit synergies by the end of January 2018.

For earnings history and earnings-related data on Signet Jewelers (SIG) click here.

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