$SIG (Signet Jewelers Limited)

$SIG {{ '2016-05-26T11:40:24+0000' | timeago}} • Announcement

Jewelery retailer $SIG reported an increase in 1Q17 results driven by higher same store sales and total sales. Net income grew to $146.8MM or $1.87 per share in 1Q17 compared to $118.8MM or $1.48 per share in 1Q16. Diluted EPS grew 26.4% and adjusted EPS grew 20.4% in 1Q17. Total sales increased 3.2% to $1.6Bil versus last year.

$SIG {{ '2017-09-12T21:06:49+0000' | timeago}} • Announcement

Jewelry retailer $SIG has acquired R2Net, which operates JamesAllen.com and Segoma Imaging. The company expects growth and value creation opportunities from implementation of R2Net’s technology across its retail platforms. Signet paid $328MM, which was financed with a term loan. The transaction is expected to be accretive to Signet’s EPS in 2017.

$SIG {{ '2017-08-24T13:47:06+0000' | timeago}} • Infographic

$SIG Signet Jewelers Ltd Earnings AlphaGraphics: Q2 2018 highlights

$SIG {{ '2017-08-24T13:39:02+0000' | timeago}} • Announcement

$SIG agreed to acquire R2Net for $328MM in an all cash transaction. The transaction is currently expected to close in 3Q18 and will be financed with a term loan provided by JPMorgan Chase Bank, N.A., which is expected to be repaid in full by the end of FY18. $SIG anticipates the transaction to be accretive in the first full year of operations.

$SIG {{ '2017-08-24T11:58:45+0000' | timeago}} • Announcement

$SIG now expects FY17 EPS of $7.16-7.56, with an effective tax rate of 24%. Capital expenditures for the FY are touted to be about $69-70MM.

$SIG {{ '2017-08-24T11:56:30+0000' | timeago}} • Announcement

$SIG's total sales inched up 1.9% to $1.4Bil in 2Q18, with net attributable earnings growing to $85.2MM or $1.33 per diluted share from last year's $81.9MM or $1.06 per share.

$SIG {{ '2017-07-17T12:07:44+0000' | timeago}} • Announcement

Virginia "Gina" Drosos, who has served as an independent director of $SIG since 2012, was named the CEO of the diamond jewelry retailer, effective August 1, 2017. Mark Light, who has served as CEO of Signet since 2014, has decided to retire after more than 35 years with the company due to health reasons.

$SIG {{ '2017-06-21T20:46:37+0000' | timeago}} • Announcement

$SIG appointed Mark Graf as an Independent Director of its BoD, effective July 1, 2017. Graf is the CFO at Discover Financial Services. Meanwhile, Dale Hilpert notified his decision to retire from the BoD for personal reasons, effective June 28, 2017.

$SIG {{ '2017-05-25T14:49:16+0000' | timeago}} • Webcast

$SIG stated that less than 6% of its sales is done outside the mall currently. Five years from now, over 15% of sales is expected to be done outside the mall. In the longer term, $SI expects the closing of independent jewelers to create an opportunity for the company.

$SIG {{ '2017-05-25T14:42:15+0000' | timeago}} • Webcast

$SIG said that the jewelry experience is different in online and still the vast majority of jewelry is bought in person. But the vast majority of customers go online first to educate themselves, $SIG added. By Christmas time, the company plans to have a good online jewelry experience like other competitors in the industry.

$SIG {{ '2017-05-25T14:23:15+0000' | timeago}} • Webcast

With regards to the credit portfolio outsourcing, $SIG expects the transaction to add to EPS in the first full year of operations based on repurchases at current share prices. One-time transaction costs are estimated to be $35-45MM, which are expected to be largely realized in FY18.

$SIG {{ '2017-05-25T14:22:44+0000' | timeago}} • Webcast

$SIG expects no material impact from the first phase of the outsourcing of credit portfolio to net sales. The outsourcing structure is expected to reduce SG&A expense by 2-3% on annualized basis. In the first phase, the transaction is expected to create savings. The company expects a minimal decline on its EBIT.

$ADS {{ '2017-05-25T13:58:17+0000' | timeago}} • Announcement

$ADS said its Columbus, Ohio-based card services business and $SIG  signed an agreement whereby $ADS will buy prime-only credit quality accounts with a value of about $1Bil in receivables from $SIG's existing credit card portfolio. Closing of the transaction is expected in 4Q17.

$SIG {{ '2017-05-25T13:54:50+0000' | timeago}} • Webcast

$SIG expects that the process of outsourcing its credit portfolio will have minimal impact to its business. The company expects to close the sale of prime quality credit portfolio with $ADS and transitioning the servicing of retained accounts receivables to Genesis in October 2017.

$SIG {{ '2017-05-25T13:33:03+0000' | timeago}} • Webcast

$SIG announced the first phase of strategic outsourcing of its credit business. Transaction is structured to meet all the strategic priorities set at the beginning of this process. The phase I includes the sale of roughly 55% of the company's existing accounts receivables.

$SIG {{ '2017-05-25T13:25:27+0000' | timeago}} • Announcement

$SIG will sell $1Bil of its prime-only credit quality accounts receivable to $ADS at par value. Additionally, under a 7-year agreement, $ADS will become the primary provider of credit funding, servicing and associated program functions to $SIG's Kay, Jared and Regional brands' customers.

$SIG {{ '2017-05-25T13:24:19+0000' | timeago}} • Announcement

$SIG announced the first phase of the strategic outsourcing of its in-house credit program and outlined steps to achieve a fully-outsourced program structure. The first phase, which is designed to substantially maintain the full spectrum of Signet’s retail financing options and net sales, is expected to be fully implemented by October 2017.

$SIG {{ '2017-05-25T13:10:02+0000' | timeago}} • Webcast

$SIG said that the shifting of Mothers Day from first quarter to second quarter impacted its 1Q18 results, but it will benefit the results for 2Q18. Softness in the recently ended quarter was driven by overall weakness in the retail environment and one-off impacts like the delay in tax refunds, which impacted the Valentines Day sales.

$SIG {{ '2017-05-25T11:22:19+0000' | timeago}} • Announcement

$SIG remains on-track to close about 165-170 stores in FY18 and open about 90-115 stores for a net selling square footage change of flat to a decline of 1%. Store closures are primarily focused on mall-based regional brands not meeting the company's financial return expectations. Store openings will be primarily Kay off-mall.

$SIG {{ '2017-05-25T11:20:23+0000' | timeago}} • Announcement

$SIG reaffirmed its FY18 EPS guidance of $7.00-7.40 and its same store sales outlook to be down low-to-mid single-digit percentage range. The company still expects FY18 effective tax rate of 24-25%, weighted average common shares of 74-75MM, capital expenditures of $260-275MM and net selling square footage in the range of down 1% to 0%.

$SIG {{ '2017-05-25T11:17:37+0000' | timeago}} • Announcement

$SIG's BoD declared a quarterly cash dividend of $0.31 per share for the 2Q18. The dividend is payable on Aug. 30, 2017 to shareholders of record on July 28, 2017, with an ex-dividend date of July 26, 2017.

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