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
- I'm an interior designer. Here are 10 things in your living room you should get rid of.
- Higher-paid employees looking for work are having a tough time, and it could be a sign of a shift in the workplace
- A software engineer shares the résumé he's used since college that got him a $500,000 job at Meta — plus offers at TikTok and LinkedIn
- 7 scenic Indian villages perfect for May escapes
- Paneer snacks you can prepare in 30 minutes
- Markets crash: Investors' wealth erodes by ₹2.25 lakh crore
- Stay healthy and hydrated: 10 immunity-boosting fruit-based lemonades
- Here’s what you can do to recover after eating oily food