Signet Jewelers Limited (NYSE:SIG) Q4 2023 Earnings Conference Call March 20, 2024 8:30 AM ET
Company Participants
Rob Ballew - Senior Vice President of Investor Relations
Gina Drosos - Chief Executive Officer
Joan Hilson - Chief Financial, Strategy & Services Officer
Conference Call Participants
Brandon Cheatham - Citigroup
Lorraine Hutchinson - Bank of America
Ike Boruchow - Wells Fargo
Mauricio Serna - UBS
Jim Sanderson - Northcoast Research
Dana Telsey - Telsey Advisory Group
Operator
Good morning and welcome to the Signet Jewelers Fourth Quarter Fiscal 2024 Earnings Call. [Operator Instructions] Please note, this event is being recorded. Joining us on the call today are Rob Ballew, Senior Vice President of Investor Relations; Gina Drosos, Chief Executive Officer; and Joan Hilson, Chief Financial, Strategy and Services Officer.
At this time, I would like to turn this conference over to Mr. Rob Ballew, Senior Vice President of Investor Relations. Please go ahead, sir.
Rob Ballew
Good morning. Welcome to Signet Jewelers fourth quarter and fiscal 2024 earnings conference call.
During today's discussion, 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 discussions of the non-GAAP financial measures as well as reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release we posted on our website at ir.signetjewelers.com.
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 we discuss both our fiscal '24 results and fiscal '25 expectations, I'd like to thank our Signet team. They delivered on our expectations in a year that experienced a deep COVID-induced engagement trough and an overstocked industry that drove an elevated promotional environment for the jewelry category. You continue to inspire me. Thank you for all your hard work and dedication this year.
I'd like to leave you with 3 key takeaways today. First, we delivered on our financial commitments this quarter with EPS above the high-end of our guidance range. Second, excluding nonrecurring legacy legal settlements for the fourth year in a row, we generated over $600 million in free cash flow. This is nearly 15% of our market cap. Third, we expect same-store sales to improve throughout fiscal year '25 as the engagement recovery gains velocity. I'll elaborate on each of these takeaways beginning with this quarter's results.