Signet Jewelers beats by $0.24, beats on revs; guides FY18 EPS above consensus
- Reports Q2 (Jul) earnings of $1.33 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $1.09; revenues rose 1.9% year/year to $1.4 bln vs the $1.33 bln Capital IQ Consensus.
- Co issues upside guidance for FY18, sees EPS of $7.16-7.56, excluding non-recurring items, vs. $6.78 Capital IQ Consensus Estimate. Co sees FY17 comps down low mid single digits.
- Q2 comps +1.4%. Zale gross margin dollars decreased $1.0 million. The gross margin rate decreased 70 basis points due primarily to greater promotional activity and de-leverage on store operating and occupancy costs partially offset by a slightly more favorable merchandise mix.
- Co announced that it has agreed to acquire R2Net for $328 million in an all cash transaction. R2Net is the owner of JamesAllen.com, as well as Segoma Imaging Technologies, who provides R2Net machines to enable delivery of next-generation digital shopping experience for jewelry.
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