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Signet Jewelers Limited (SIG) CEO Gina Drosos on Q1 2021 Results - Earnings Call Transcript

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Signet Jewelers Limited (NYSE:SIG) Q1 2021 Earnings Conference Call June 9, 2020 8:30 AM ET

Company Participants

Vinnie Sinisi - Senior Vice President, Investor Relations

Gina Drosos - CEO

Joan Hilson - CFO

Conference Call Participants

Paul Lejuez - Citi

Dana Telsey - Telsey Advisory

Lorraine Hutchinson - Bank of America

Ike Boruchow - Wells Fargo


Hello, and welcome to the Signet Jewelers First Quarter Fiscal ‘21 Earnings Call. At this time, all participants will be in a listen-only mode [Operator Instructions]. Please note today's event is being recorded.

And now I would like turn the conference over to your host today, Vinnie Sinisi. Please go ahead, sir.

Vinnie Sinisi

Great, thanks very much, Keith. Good morning, everyone and welcome to our first quarter earnings conference call. On the call today are Signet's CEO, Gina Drosos; and CFO, Joan Hilson.

During today's presentation, we 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 disclosure in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events.

During the call, we'll discuss certain non-GAAP financial measures. For further discussion of the non-GAAP financial measures, as well as reconciliations of those non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release we posted on our Web site at www.signetjewelers.com/investors.

And with that, I'll turn the call over to Gina.

Gina Drosos

Thank you, Vinnie. Good morning, everyone and thank you for joining us on our call today. Before we

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Comments (3)

Exile of the Mainstream profile picture
"Turning to liquidity. As discussed last quarter, we took rapid steps to preserve cash. We currently have $1.1 billion in cash and equivalents and had negative free cash flow of only $15 million in the quarter. While we never could have anticipated the last few months and the obvious impacts on revenue with stores closed for almost half a quarter, the first two years of our path to brilliance transformation provided us with a strong foundation to rapidly build on."

Only lost $15M in FCF for Q1...How does that reconcile with the loss. I understand the adjusted loss impairment. But earnings and cashflow appear to differ enormously...
Right off the bat I am very offended by Gina Drosos' "open mic townhall with Signet team members next week called Signet Speaks Out". I have 1/4 million dollars invested in Signet and am married to one of the "furloughed" employees. They will not even allow managers or district managers to speak to laid off employees - period. I have this in writing. None of the laid off employees have any knowledge of this townhall, how would they? Over 80% of their employees are laid off. This "townhall" will be a very select few employees, mostly white management, to discuss racial equality, Wow Gina. They need Signet Speaks Out on how they are treating dedicated employees that have been there 25 years. Clean-up your own backyard before you try to clean-up the neighborhood.
09 Jun. 2020
No mention of dividend cut. No mention that CEO found possible way to compensate herself despite giving impression that executives were self-sacrificing. How about more color or certainly an explanation of those circumstances? Where are insightful analysts doing some meaningful probing on behalf of common shareholders?
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