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Signet Jewelers Limited (NYSE:SIG) Q3 2025 Earnings Call Transcript December 5, 2024 8:30 AM ET Company Participants Clayton Ward - Senior Director of IR and Capital Markets JK Symancyk - CEO Joan Hilson - CFO and COO Rob Ballew - SVP of IR Conference Call Participants Ike Boruchow - Wells Fargo Paul Lejuez - Citigroup Mauricio Serna - UBS Jim Sanderson - Northcoast Research Operator Good morning, and welcome to the Signet Jewelers Third Quarter Fiscal 2025 Earnings Call. At this time, all lines are in a li ...

Sales Performance - Signet's sales decreased by 3.1% in Q3 Fiscal 2025 compared to Q3 Fiscal 2024[110] - Total sales decreased by 3.1% year over year to $1.35 billion in Q3 Fiscal 2025, with same store sales down 0.7%[116] - North America segment sales decreased by 2.3% to $1.26 billion, with same store sales down 0.8%[119] - International segment sales decreased by 11.4% to $83.3 million, with same store sales up 1.6%[119] - Signet's total sales decreased 6.9% to $4.35 billion compared to $4.67 billion in the prior year, with same store sales down 4.6%[121] - North America reportable segment's total sales decreased 6.3% to $4.08 billion, with same store sales down 4.9%[124] - International reportable segment's total sales decreased 14.5% to $247.0 million, with same store sales down 16.9% at constant exchange rates[125] eCommerce Performance - eCommerce sales declined by 3.9% to $289.2 million, accounting for 21.4% of total sales[116] - eCommerce sales decreased 8.4% to $959.4 million, accounting for 22.0% of total sales, down from 22.4% in the prior year[121] Gross Margin and Operating Income - Gross margin remained stable at 36.0% for Q3 Fiscal 2025[115] - Operating income decreased to $9.2 million, down from $13.3 million in the prior year quarter[115] - Gross margin remained flat at 36.0% for the third quarter and 37.3% for the 39 weeks ended November 2, 2024[126] - Operating income for the third quarter was $9.2 million or 0.7% of sales, down from $13.3 million or 1.0% in the prior year quarter[131] - Operating loss for the 39 weeks ended November 2, 2024 was $41.9 million or (1.0)% of sales, compared to $205.2 million or 4.4% in the prior year period[131] - North America reportable segment's operating income for the year to date period was $30.1 million or 0.7% of segment sales, down from $281.0 million or 6.5% in the prior year[132] - International reportable segment's operating loss for the year to date period was $(20.9) million or (8.5)% of segment sales, compared to $(22.9) million or (7.9)% in the prior year[132] Net Income and Cash Flow - Net income attributable to common shareholders was $5.4 million, compared to $3.0 million in the prior year quarter[115] - Net income for the 13 weeks ended November 2, 2024 was $7.0 million, compared to $11.7 million in the prior year period[142] - Net loss was $39.4 million, a decrease of $223.6 million compared to net income of $184.2 million in the prior year period, primarily due to non-cash asset impairment charges of $169.3 million[154] - Cash and cash equivalents as of November 2, 2024 were $157.7 million, down from $1,378.7 million as of February 3, 2024 and $643.8 million as of October 28, 2023[138] - Net cash used in operating activities for the 13 weeks ended November 2, 2024 was $75.4 million, compared to $48.0 million provided by operating activities in the prior year period[140] - Free cash flow for the 13 weeks ended November 2, 2024 was $(138.5) million, compared to $14.0 million in the prior year period[140] - Net cash used in operating activities for the 39 weeks ended November 2, 2024 was $189.8 million, compared to $205.3 million for the same period in 2023[153] - Cash and cash equivalents decreased by $1,219.3 million to $157.7 million as of November 2, 2024, compared to a decrease of $518.9 million to $643.8 million for the same period in 2023[153] - Net cash used in investing activities was $121.0 million, primarily related to capital expenditures of $114.4 million for new stores, remodels, and digital/IT investments[156] - Net cash used in financing activities was $908.5 million, primarily due to the repurchase of Preferred Shares ($812.9 million) and repayment of Senior Notes ($147.8 million)[158] Merchandise Transactions and ATV - North America segment's average merchandise transaction values (ATV) were flat, while International segment's ATV decreased by 13.4% in Q3 Fiscal 2025[112] - Merchandise transactions in North America decreased by 2.1% year over year[120] - Average Transaction Value (ATV) in the International segment decreased by 13.4% year over year[120] Strategic Investments and Divestitures - Company completed divestiture of UK prestige watch business in Q4 Fiscal 2024 and closed 21 stores in Fiscal 2025, primarily at Ernest Jones banner[113] - Company plans strategic investments in banner value propositions, product newness, and personalized marketing while driving cost savings[113] - The company invested nearly $900 million in acquisitions over the past three years, including Diamonds Direct, Blue Nile, and Services Jewelry Repair[148] - The company divested its UK prestige watch business for approximately $54 million in fiscal 2024[148] - The company reduced its adjusted leverage ratio target to 2.5x and maintained a 2.3x ratio through fiscal 2024[149] - The company repurchased $113.8 million of common shares during the 39 weeks ended November 2, 2024, with $747.3 million remaining authorized for repurchase[151] Store Operations and Count - Company operates 2,655 retail locations as of November 2, 2024, with 2,298 in the US and 91 in Canada[108] - Store count decreased by 51 stores, with North America segment store count at 2,389 and International segment store count at 266 as of November 2, 2024[157] Digital Banners and Operational Challenges - Digital banners James Allen and Blue Nile faced integration and re-platforming challenges, impacting traffic and sales in Q3 Fiscal 2025[110] - The company faced operational challenges and decreased traffic at digital banners, partially offset by growth in fashion and new merchandise[116] - The company recognized pre-tax impairment charges of $7.0 million for Diamonds Direct trade name, $123.0 million for Digital Banners reporting unit, and $36.0 million for Blue Nile trade name[163] Macroeconomic Factors and Seasonality - Company monitors macroeconomic factors including inflation, Russia-Ukraine conflict, and Israel-Hamas conflict, with no material impact on Israel operations to date[113] - The company's business is seasonal, with the fourth quarter historically accounting for 35-40% of annual sales and a substantial portion of annual operating income[160] Financial Metrics and Ratios - Adjusted EBITDA for the 13 weeks ended November 2, 2024 was $53.9 million, down from $77.3 million in the prior year period[142] - Adjusted operating income for the 39 weeks ended November 2, 2024 was $142.6 million, compared to $233.1 million for the same period in 2023[145] - The company had $157.7 million in cash and cash equivalents and $253.0 million in outstanding borrowings on its ABL as of November 2, 2024, with $929 million in available borrowing capacity[147] - Capital expenditures for fiscal 2025 are planned to be up to $170 million, primarily for new stores, renovations, and digital/technology advancements[148] - The company amended its ABL, extending the maturity to August 23, 2029 and reducing the size to $1.2 billion, with an option to increase by up to $600 million[159] Tax and Interest Expenses - Income tax expense for the third quarter of Fiscal 2025 was $1.4 million with an effective tax rate (ETR) of 16.7%, compared to $1.9 million and 14.0% ETR in the prior year period[134] - Year-to-date income tax expense for Fiscal 2025 was $9.5 million with an ETR of (31.8)%, compared to $28.6 million and 13.4% ETR in the prior year period[135] - Net interest expense for the 13 weeks ended November 2, 2024 was $1.0 million, compared to net interest income of $2.6 million in the same period last year[133] - Net interest income for the 39 weeks ended November 2, 2024 remained flat at $10.0 million compared to the prior year period[133] Asset Impairments and Inventory - Asset impairments for the 39 weeks ended November 2, 2024 were $168.5 million, primarily related to goodwill and indefinite-lived intangible assets[142] - Cash used by inventory was $189.5 million, compared to a source of $14.8 million in the prior year period, driven by replenishment of inventories to healthier in-stock levels[154] Revenue Growth Strategy - Company aims to grow revenue to $9 to $10 billion with double-digit adjusted operating margin under its Inspiring Brilliance strategy[109]

Signet (SIG) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -17.24%. A quarter ago, it was expected that this jewelry company would post earnings of $1.13 per share when it actually produced earnings of $1.25, delivering a surprise of 10.62%.Over the last four quarters, the company h ...

Exhibit 99.1 SIGNET JEWELERS REPORTS THIRD QUARTER FISCAL 2025 RESULTS Q3 Results Within Expectations Preferred Shares Fully Redeemed Updates Fiscal 2025 Guidance HAMILTON, Bermuda, December 5, 2024 – Signet Jewelers Limited ("Signet" or the "Company") (NYSE:SIG), the world's largest retailer of diamond jewelry, today announced its results for the 13 weeks ended November 2, 2024 ("third quarter Fiscal 2025"). "The Signet team delivered Q3 results within our expectations, reflecting a nearly 3-point sequenti ...

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Jeff Yass' fund, Susquehanna International Group, has been offloading its position in Nvidia and quietly building a stake in another chip stock.Jeff Yass is a billionaire investor best known for co-founding Susquehanna International Group (SIG). SIG is a powerhouse fund boasting nearly $60 billion in assets under management.According to SIG's latest 13F filing, the fund sold approximately 5.6 million shares in semiconductor darling Nvidia (NVDA 0.66%) during the third quarter -- reducing its stake by 29%. A ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Signet (SIG) .Signet currently has an average brokerage recommend ...

Signet (SIG) closed at $94.59 in the latest trading session, marking a -0.64% move from the prior day. This move lagged the S&P 500's daily gain of 0.4%. Meanwhile, the Dow lost 0.28%, and the Nasdaq, a tech-heavy index, added 1.04%.Coming into today, shares of the jewelry company had lost 1.45% in the past month. In that same time, the Retail-Wholesale sector gained 1.9%, while the S&P 500 gained 0.62%.The investment community will be paying close attention to the earnings performance of Signet in its upco ...

The latest trading session saw Signet (SIG) ending at $100.83, denoting a +0.04% adjustment from its last day's close. The stock lagged the S&P 500's daily gain of 0.4%. Meanwhile, the Dow experienced a rise of 0.09%, and the technology-dominated Nasdaq saw an increase of 0.63%. Shares of the jewelry company have appreciated by 3.74% over the course of the past month, outperforming the Retail-Wholesale sector's gain of 3.32% and lagging the S&P 500's gain of 3.76%. The upcoming earnings release of Signet wi ...