Signet Jewelers Limited (NYSE:SIG) Q4 2023 Earnings Call Transcript

Jim Sanderson: Okay. And just a quick follow up on margin contribution for Blue Nile, combined, should we expect the segment EBIT margin to be contribute to a stronger EBIT margin in 2024? That’s if you take into account the overhead synergies and gross profit margin that might be a little bit weaker?

Virginia Drosos: Yeah. Well, I said in the guidance, Jim, is that yeah, the first half will continue to fill the pressure roughly a 100 basis points related to the impact of the digitally native banners. And that can, will then begins to moderate as we move through the back half of the year triggered by the full integration.

Jim Sanderson: Understood. I just wanted one last quick question on store count. I think that you had a slight decline at international. Is your square footage in 2024 relatively stable, or how do we look at that on a year of year basis?

Virginia Drosos: Well, we’re opening and closing stores, so I would say yes, relatively stable based on how we’re seeing the business today.

Operator: We currently have no further questions. So I’ll hand back to the speaker team for any further remarks.

Virginia Drosos: Yes, thank you everyone. Our key message today is simple and clear. We delivered in fiscal ’23, and we believe we’ll do it again this year for all the reasons that we’ve outlined today. Signet is a transformed company with sustainable and growing competitive advantages, and our financial strength allows us to continue smartly investing to widen those advantages to grow market share while consistently returning meaningful value to our shareholders. We’re eager to go deeper into the ways we’ve transformed our business and organization. So with that in mind, I’m pleased to invite you to join us at the New York Stock Exchange for our next Investor Day on April 18. I’ll be joined by Joan, Jamie, and several other Signet lead team members to take you through our strategies and capabilities and many others will be on hand to meet and talk with you as well.

As we continue through fiscal ’24 and beyond, we remain focused on our priorities, growing share, delivering double-digit EBIT margin, and maintaining our disciplined capital allocation to invest in our business and deliver enhanced shareholder return. Thank you.

Operator: Thank you for joining today’s call. You may now disconnect your lines.