Signet acquires Blue Nile for $360M cash; cuts FY23 guidance due to inflation pressure

SIGNET JEWELERS LTD

Acquires online jewelry retailer Blue Nile for $360M in cash; Blue Nile revenue >$500M in CY2021.
Deal expected to close in Q3 FY2023; not accretive until Q4 FY2024, excluding transaction costs.
Preliminary Q2 FY23 revenue ~$1.75B, non-GAAP operating income ~$192M.
FY23 revenue guidance lowered to $7.60-7.70B from $8.03-8.25B; non-GAAP op income to $787-828M from $921-974M.
Cites rapid inflation and softened consumer spending, especially in July, as reason for guidance cut.

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