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Diamond jewelry retailer Signet Jewelers Limited reaffirmed its earnings outlook for the year, despite posting a lower operating income in the first quarter.
Source: Signet Jewelers
SIG is up 10.69%
Operating income fell to $0.2 million from $168.7 million in the previous year. The firm reported a diluted loss per share of $1.89, down from the earnings per share of $2.23 in the same quarter in 2021.
The latest figures reflected the $190.0 million in charges related to the resolution of the company’s previously disclosed litigation and $4.4 million in charges relating to the fair value adjustment of inventory it acquired.
First-quarter total sales increased by $149.5 million or 8.9% to $1.8 billion. This includes $1.705 billion from the North America segment, $110 million from the international segment, and $23.3 million from other segments.
The full-year revenue is expected to range between $8.03 billion and $8.25 billion, operating income between $921 million and $974 million, and diluted earnings per share between $12.72 and $13.74.
Second-quarter revenue is expected between $1.79 billion and $1.82 billion, and operating income between $188 million and $204 million.
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