Signet Jewelers Ltd (NYSE:SIG) Q4 2020 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 08:30 am ET

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Signet Jewelers Ltd (NYSE:SIG) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning everyone and welcome to the Signet Jewelers Fourth Quarter Fiscal 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please also note today's event is being recorded. Today's speakers are Signet's CEO, Gina Drosos and CFO, Joan Hilson.

During today's presentation, Signet will make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially. We urge you to read the risk factors, cautionary language and other disclosures in Signet's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K as filed with the Securities and Exchange Commission. Except as required by law, Signet undertakes no obligation to revise or publicly update forward-looking statements in light of new information or future events.

During the call, Signet will discuss certain financial measures not presented in accordance with Generally Accepted Accounting Principles, otherwise known as non-GAAP measures. These non-GAAP measures include operating income, effective tax rate and earnings per share. For future discussions of the non-GAAP financial measures, as well as reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release posted on Signet's website at www.signetjewelers.com/investors. At this time, I'll turn the conference call over to Ms. Drosos.

Executive
Virginia "Gina" C. Drosos

Thank you, Jamie. Good morning, everyone and thank you for joining today's call. Before I discuss our fourth quarter and fiscal 2020 performance, I would like to address the COVID-19 outbreak. On behalf of the Signet Board of Directors, executive team and all of our Signet team members, our hearts and prayers go out to all who have been impacted by the COVID-19 global pandemic. We greatly appreciate all who are caring for those in need, especially the many healthcare professionals on the front lines. I'm also thankful to our team members who are demonstrating remarkable compassion, commitment and courage during this crisis. In this rapidly evolving environment, we've been making decisions in real time prioritizing the health and safety of our team members and customers and taking bold actions to ensure the long term sustainability of our business.

With that, in the forefront of our minds, it's difficult to transition to a discussion of fourth quarter business results. However, we believe it's important to share how the business performed prior to seeing impact from the COVID-19 pandemic, the actions we have taken since and how we're positioning our company for when the nation begins to emerge from this crisis.

The environment we're operating in today underscores the importance of Signet's transformation into a more agile and efficient organization. As you've seen from our announcement earlier this week, we have moved quickly and aggressively to strengthen Signet's financial flexibility. We are focused on substantially reducing discretionary spend in areas that our customers do not see or care about, as well as driving marketing efficiencies through enhanced