Signet Jewelers Limited (SIG,SIG.L) Thursday reported higher profit for the first quarter influenced by higher revenue from the US division. Earnings per share were higher than analyst estimates. The company further provided outlook for the second quarter.
For the three-month period, the firm posted net income of $91.8 million, higher than $82.5 million reported last year. On a per share basis, earnings rose to $1.13 from $0.96. Income per share includes a loss of $0.03 from the Ultra operations.
Twelve analysts on average polled by Thomson Reuters estimated earnings per share of $1.11 for the period. Analyst estimates typically exclude one-time items.
The company clocked revenue of $993.6 million for the quarter, up from $900 million last year. Analysts were looking for revenue of $1.02 billion. In the US division, total sales were $858.6 million, up from $751.5 million reported for the corresponding period last year. The company attributed the sales increase in US to broad-based strength across all merchandise categories in Kay and Jared, as well as the Ultra acquisition.
Same-store-sales increased 6.4 percent compared with a 1.2 percent increase during the same period last year.
Looking ahead, for the second quarter, the firm sees earnings per share in the range of $0.79 to $0.84, including a $0.06 per share negative impact from the Ultra acquisition. Same-store-sales are to increase in the low-to-mid single-digit range.
Analysts are currently looking for earnings per share of $0.87 for the coming quarter
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