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Signet Jewelers Limited (SIG) has reported 1.33 percent fall in profit for the quarter ended Oct. 29, 2016. The company has earned $14.80 million, or $0.20 a share in the quarter, compared with $15 million, or $0.19 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $22.10 million, or $0.30 a share compared with $25.80 million or $0.33 a share, a year ago. Revenue during the quarter went down marginally by 2.48 percent to $1,186.20 million from $1,216.40 million in the previous year period. Gross margin for the quarter contracted 72 basis points over the previous year period to 29.51 percent. Total expenses were 97.29 percent of quarterly revenues, up from 97.24 percent for the same period last year. That has resulted in a contraction of 6 basis points in operating margin to 2.71 percent.
Operating income for the quarter was $32.10 million, compared with $33.60 million in the previous year period.
Mark Light, Chief Executive Officer of Signet Jewelers said, “We expected challenging market conditions to result in a sales decline. However, our continuing ability to execute in a difficult environment led to results that were somewhat better than our expectations.
The company projects diluted earnings per share to be in the range of $3.91 to $4.13 for the fourth-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $7.03 to $7.25. On an adjusted basis, the company projects diluted earnings per share to be in the range of $4 to $4.20 for the fourth-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $7.38 to $7.58 on adjusted basis.
Operating cash flow improves significantly
Signet Jewelers Limited has generated cash of $360.90 million from operating activities during the nine month period, up 306.88 percent or $272.20 million, when compared with the last year period. The company has spent $196 million cash to meet investing activities during the nine month period as against cash outgo of $171 million in the last year period.
The company has spent $218.20 million cash to carry out financing activities during the nine month period as against cash outgo of $34.20 million in the last year period.
Cash and cash equivalents stood at $82.70 million as on Oct. 29, 2016, up 7.12 percent or $5.50 million from $77.20 million on Oct. 31, 2015.
Debt moves up marginally
Signet Jewelers Limited has witnessed an increase in total debt over the last one year. It stood at $1,613 million as on Oct. 29, 2016, up 2.18 percent or $34.40 million from $1,578.60 million on Oct. 31, 2015. Interest coverage ratio deteriorated to 2.53 for the quarter from 2.87 for the same period last year.
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