Signet Jewelers Limited (NYSE:SIG) Q2 2024 Earnings Call Transcript August 31, 2023 8:30 AM ET

Company Participants

Rob Ballew - SVP of IR

Gina Drosos - CEO

Joan Hilson - Chief Financial, Strategy and Services Officer

Conference Call Participants

Ike Boruchow - Wells Fargo

Lorraine Hutchinson - Bank of America

Brandon Cheatham - Citi

Mauricio Serna - UBS

Jim Sanderson - Northcoast Research

Dana Telsey - Telsey Group

Operator

Good morning, ladies and gentlemen, and welcome to the Signet Jewelers Q2 Earnings Conference Call. At this time all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, August 31, 2023.

I would now like to turn the conference over to Rob Ballew, SVP of Investor Relations. Please go ahead, sir.

Rob Ballew

Good morning. Welcome to Signet Jewelers second quarter earnings call. On the call today are Signet's CEO, Gina Drosos, and Chief Financial, Strategy and Services Officer, Joan Hilson.

During today's presentation, we will make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties. Actual results may differ materially. We urge you to read the risk factors, cautionary language and other disclosures in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events.

During the call, we will discuss certain non-GAAP financial measures. For further discussion of the non-GAAP financial measures as well as a reconciliation of the non-GAAP financial measures most directly comparable to those GAAP measures, investors should review the news release we posted on our website at www.signetjewelers.com/investors.

With that, I'll turn the call over to Gina.

Gina Drosos

Thank you, Rob, and thanks to all of you for joining us today. Before getting into our prepared remarks, I want to thank our Signet team for their dedication, resilience and disciplined execution this quarter. In a challenging environment, we over-delivered on our commitments. Signet’s recognition as a great place to work is driven entirely by our team members' capability and commitment and the winning and inclusive culture we continue to build together.

There are three key messages I'd like to emphasize today. First, we are on track to deliver the year. In the second quarter, we exceeded our revenue and bottom-line commitments, and we remain confident in our full year guidance. We delivered these results in a challenging macro environment, which impacts our mid-market customers disproportionately, and as we predicted, with significantly fewer engagements in the quarter resulting from COVID’s disruption of dating three years ago. Our performance against these headwinds reflects both the agility of our team and our flexible operating model.