=Signet Jewelers (SIG) reported earnings on Thur 8/25/16 (b/o)

Signet Jewelers misses by $0.32, misses on revs; guides Q3 EPS below consensus; lowers FY17 guidance :

• Reports Q2 (Jul) earnings of $1.14 per share, excluding non-recurring items, $0.32 worse than the Capital IQ Consensus of $1.46; revenues fell 0.8% year/year to $1.4 bln vs the $1.44 bln Capital IQ Consensus.
  • Same store sales down 2.3% vs. guidance between +1-2%
• Co issues downside guidance for Q3, sees EPS of $0.17-0.25, excluding non-recurring items, vs. $0.50 Capital IQ Consensus Estimate. Sees same store sales growth between (5.0%) to (3.0%)
• Co lowers guidance for FY17, sees EPS of $7.25-7.55 (prior $8.25-8.55), excluding non-recurring items, vs. $8.23 Capital IQ Consensus Estimate. Sees same store sales growth between (2.4%) to (1.0%)
• On track to deliver cumulative synergies of $158 mln to $175 mln by end of this fiscal year and $225 mln to $250 mln by end of next fiscal year.
• "We are disappointed by our Q2 results and market conditions have been challenging particularly in the energy-dependent regions. This has contributed to a downward revision in our annual guidance."
• Leonard Green & Partners committed to a $625 mln convertible preferred investment in Signet.