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Signet Jewelers To Acquire Diamonds Direct For $490M; Raises Q3, FY22 Outlook

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  • SIG
  • Signet Jewelers Ltd (NYSE: SIG) has agreed to acquire Diamonds Direct USA Inc, an off-mall, destination jeweler in the U.S., for $490 million in an all-cash transaction.

  • Signet expects the acquisition to be immediately accretive to earnings post-closing and expand its growth potential in bridal offerings.

  • Signet held .6 billion in cash and equivalents as of July 31, 2021. It expects the deal to close in the fourth quarter of Fiscal 2022.

  • Outlook: Signet has also raised Q3 sales guidance to $1.42 billion - $1.45 billion (prior $1.26 billion - $1.31 billion) versus the consensus of $1.28 billion.

  • It expects Q3 same-store sales to rise 10% - 12% (prior view ((3%) - 1%).

  • For the fiscal year 2022, Signet expects total revenue of $7.04 billion - $7.19 billion (prior view $6.80 billion - $6.95 billion) versus the consensus of $6.96 billion.

  • It expects FY22 same store sales growth of 35% - 38% (previous view 30% - 33%).

  • Price Action: SIG shares are trading higher by 5.29% at $86.39 in premarket on the last check Tuesday.

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