RTTNews | Jan 20, 2022 07:10AM EST

07:10 Thursday, January 20, 2022 (RTTNews.com) - Signet Jewelers Limited (SIG) reported preliminary total sales of $2.4 billion for the nine weeks ended January 1, 2022, up 30.4% from last year. Preliminary same store sales were up 25.2% year over year.

For the fourth quarter, the company now projects: non-GAAP operating income of $388 million, total revenue of $2.77 billion, and same store sales growth of 22%. Previously, the company projected: non-GAAP operating income of $280 to $317 million, revenue of $2.40 to $2.48 billion, and same store sales growth of 6% to 9%.

For the full year, the company now expects: non-GAAP operating income of $885 million, total revenue of $7.78 billion, and same store sales growth of 48%. Previously, the company estimated: non-GAAP operating income of $777 to $814 million, revenue of $7.41 to $7.49 billion, and same store sales growth of 41% to 43%.

Signet's Board has declared a quarterly cash dividend on common shares of $0.18 per share for the fourth quarter of fiscal 2022, payable February 25, 2022 to shareholders of record on January 28, 2022.

Signet's Board has increased the company's share repurchase authorization by $500 million to an aggregate amount of $684 million. Signet plans to enter into a $250 million accelerated share repurchase agreement in the near term, after which approximately $434 million would remain under its multi-year program.

Shares of Signet Jewelers were up 7% in pre-market trade on Thursday.

Read the original article on RTTNews ( https://www.rttnews.com/3256227/signet-jewelers-holiday-season-same-store-sales-up-over-25-raises-guidance.aspx)

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