Signet to acquire Diamonds Direct for $490M cash; raises FY2022 guidance

SIGNET JEWELERS LTD

Acquires Diamonds Direct, an off-mall jeweler, for $490M in cash; expected close in Q4 FY2022.
Guidance raised: Q3 FY2022 revenue $1.42B-$1.45B (prior $1.26B-$1.31B); same-store sales +10-12%.
Full year FY2022 revenue guidance raised to $7.04B-$7.19B; Non-GAAP operating income $680M-$735M.
Diamonds Direct management remains; President Itay Berger reports to Signet CEO. Key execs invest in Signet shares.
Gross cost savings $85M-$105M; capex $190M-$200M; plan to close >100 stores, open up to 100 Banter locations.

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