$SIG (Signet Jewelers Limited)

$SIG {{ '2016-05-26T13:44:51+0000' | timeago}} • Webcast

William Armstrong of CL King & Associates asks about the strong performance of Piercing Pagoda. CEO Mark Light said the average price is up in Piercing Pagoda and the team has invested more in 14-carat gold and diamonds. So even if there is less traffic, $SIG is getting benefits similar to the mall stores and the average sale is increasing.

$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.

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

$SIG's total sales for 1Q18 decreased 11.1% (10.1% on constant currency basis) from last year. The number of transactions decreased across all divisions due to declining brick and mortar store traffic. Merchandise categories and collections were broadly lower, but e-commerce and Piercing Pagoda total sales increased.

$SIG {{ '2017-05-25T11:17:13+0000' | timeago}} • Announcement

$SIG reported a drop in 1Q18 earnings as continued headwinds in the retail environment were exacerbated by a slowdown in jewelry spending and company specific challenges. Net income fell to $70.3MM or $1.03 per share from $146.8MM or $1.87 per share last year. Sales dropped to $1.4Bil from $1.58Bil. Same store sales decreased 11.5%.

$SIG {{ '2017-05-05T15:12:48+0000' | timeago}} • Announcement

$SIG reached agreement with the Equal Employment Opportunity Commission (EEOC) to resolve all claims related to pay and promotion of female retail sales employees at the company in EEOC v. Sterling Jewelers Inc. The Consent Decree states there were "no findings of liability or wrongdoing," and does not require the company to pay a monetary award.

$SIG {{ '2017-03-09T15:07:34+0000' | timeago}} • Webcast

In response to the recent media reports on sexual harassment allegations, $SIG said there is an arbitration case, filed in 2008, that alleged gender discrimination in pay and promotion. The company said that there are no legal claims on behalf of the class in this arbitration alleging sexual harassment.

$SIG {{ '2017-03-09T14:43:09+0000' | timeago}} • Webcast

$SIG said it will accelerate its store closures during 2017, especially within the regional banners. The company anticipates closing stores will improve the overall profitability of store base. The company also said that new store openings will be focused on Kay off-mall centers.

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