The company that makes America's engagement rings plans to open a bunch of stores and close even more
AP/Paul Sakuma
The parent company of Jared the Galleria of Jewelry, Kay Jewelers, and Zales, reported earnings per share of $3.92 for the fourth quarter of fiscal year 2017. Adjusted earnings of $4.03 for the quarter beat the street consensus of $4.00.
Same-store sales declined 4.5% in the fourth quarter, and 1.9% on a yearly basis.
The company said it plans to close 165 to 170 stores in the coming fiscal year and open 90 to 115 new stores.
"Signet had a challenging fourth quarter and fiscal year, but we delivered top-and-bottom lines for the fourth quarter within our revised expectations," chief executive officer Mark Light said. "We are adapting to a challenging retail environment and weak mall traffic."
The company, which stopped providing quarterly guidance last year, offered earnings per share guidance of $7.00 to $7.40 for fiscal year 2018, and decline in same-store sales in the low-to-mid-single-digit percent.
Markets Insider
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Private Equity Investments
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study