Signet Jewelers Limited (NYSE: SIG) reported its financial results for the quarter ended May 2, 2020, on Tuesday before the market opens. The results are preliminary due to the pending long-lived non-cash assets impairment review necessitated by the COVID-19 pandemic.
The first-quarter 2021 same-store sales plunged by 38.9% reflecting the temporary closure of all stores beginning in late March due to the COVID-19 pandemic. The company posted a wider loss due to the inclusion of impairment charges against long-lived assets. The total sales dropped by 40.5% year-over-year.
ECommerce sales rose by 6.7%. Excluding the temporary James Allen distribution center shut-down, eCommerce sales grew 18.2%. Signet’s virtual selling efforts led to accelerating consumer demand, with eCommerce growth of 55% in April, excluding the James Allen center impact, and the momentum continued into May.
Consistent with the year-end messaging, Signet’s Board has elected to temporarily suspend the dividend program on the common shares and has elected to pay the August quarterly dividend on its preference shares in kind. The company is not providing fiscal 2021 financial guidance at this time due to the continuing level of uncertainty in the current environment.
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