In This Story
Signet Jewelers Limited (SIG-2.61%) has submitted its annual report on Form 10-K filing for the fiscal year ended February 1, 2025.
The filing reports total sales of $6.70 billion, a decrease from $7.17 billion in the previous year. The decline is attributed to a slower engagement recovery, store closures, and the divestiture of the UK prestige watch business.
Net income for the fiscal year was $61.2 million, down from $810.4 million in the prior year. The decrease was largely due to non-cash asset impairment charges and lower sales volume.
Signet's North America segment reported sales of $6.30 billion, a 6.0% decrease from the previous year, driven by macroeconomic impacts on consumer spending and integration challenges at the Digital brands.
The International segment reported a 13.4% decline in sales to $373.2 million, primarily due to the divestiture of the UK prestige watch business and store closures.
Operating income for the year was $110.7 million, compared to $621.5 million in the prior year, affected by impairment charges and higher advertising expenses.
Signet's strategic initiatives include the 'Grow Brand Love' strategy, focusing on brand mindset, core business growth, and organizational realignment to drive shareholder value.
The company completed the redemption of its Preferred Shares and repaid its Senior Notes, reflecting a focus on optimizing its capital structure.
Signet continues to invest in digital and IT initiatives, with $153.0 million in capital expenditures during the fiscal year.
The company has a strong cash position with $604.0 million in cash and cash equivalents and no outstanding borrowings under its asset-based credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Signet Jewelers Limited annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.