Signet Jewelers Reports Q1 Earnings Beat

Signet Jewelers Ltd. SIG reported first-quarter earnings of 8 cents per share, which beat the analyst consensus estimate of 22 cents. This is a 20-percent decrease over earnings of 1 cent per share from the same period last year.

The company reported quarterly sales of $1.432 billion, which beat the analyst consensus estimate of $1.42 billion. This is a 3.31-percent decrease over sales of $1.481 billion the same period last year.

“We delivered operating profit above our guidance range and strong free cash flow in the first quarter, with same store sales at the low end of our guidance,” said CEO Virginia Drosos in a press release. “Given the sales trends we experienced year to date and softening retail traffic, we are narrowing our fiscal 2020 guidance while continuing to expect strong progress on cost savings across our business."

Signet Jewelers traded at $19.49 per share in Thursday's pre-market session.