- Signet Jewelers (NYSE:SIG) reports comparable sales fell 38.9% in FQ1 vs. -35.4% consensus.
- Comparable sales were down 39.0% in North America and were off 37.5% at international locations.
- Gross margin fell to 23.9% of sales vs. 34.9% a year ago, primarily driven by lower sales resulting from the COVID-19 pandemic which led to a deleveraging on fixed costs. The rate decline was partially offset through transformation cost savings and lower occupancy costs.
- Signet socks away cash
- Signet has reopened nearly 1.1K stores over the last six weeks in states including Arizona, California, Georgia, North Carolina, Ohio and Virginia, with the most reopened stores in Texas and Florida. As of June 2, more than 75% of Signet's stores were back open.
- Shares of Signet are down 2.79% premarket to $16.40.
- Previously: Signet EPS beats by $1.07, beats on revenue (June 9)