Signet Jewelers (NYSE:SIG) reported earnings for first quarter fiscal 2021, which sent SIG stock crashing 15% on Tuesday.
The decline comes after the company reported diluted losses per share of $1.59, which was better than Wall Street’s estimate for a loss of $2.82. However, its revenue of $852.1 million failed to match analysts’ estimates of $861.74 million.
The company also reported GAAP losses per share of $3.83 cents for the period, which added to the pain in SIG stock.
Here are the other stand out figures from the Signet Jewelers earnings report:
- Diluted earnings-per-share are down $1.51 from the earnings per share of 8 cents reported the same quarter last year.
- Revenue of $852.1 million was down 40.5% compared to $1.43 billion during the first fiscal quarter of 2020.
- Its operating loss of $291.1 million is much worse than the prior loss of $2.6 million for the equivalent quarter in fiscal year 2020.
- The Signet Jewelers earnings report also details the company’s net loss of $190.4 million, which 1,804% greater than the loss of $10 million reported in the same period of the year prior.
Virginia C. Drosos, CEO of Signet Jewelers, said this in the Q1 earnings report:
“Our excellent team, operating in a culture of agility and efficiency, has been integral in allowing us to rapidly adapt and respond to this environment, building on the first 2 years of our Path to Brilliance strategy and accelerating our transformation into a digital-first, omni-channel retailer. We began our fiscal year with strong Valentine’s Day sales performance, and then quickly pivoted and further adapted our eCommerce operating model to serve customers during stay-at-home restrictions with new technology, virtual consultation and selling solutions.”
Signet Jewelers did not include its fiscal 2021 guidance. The company cites uncertainty caused by the novel coronavirus as the reason for this. That said, Wall Street analysts are calling for a 53-cent loss on revenue of $5.16 billion for the year.
SIG stock was down 15% on Tuesday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
