Signs of Optimism at Signet Jewelers Have Its Stock Jumping
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-635711784-1847afe86e724ff089c2aaf33c3ccacd.jpg)
Jeffrey Greenberg / Universal Images Group via Getty Images Signet owns Zales and other jewelry-store brands.
Key TakeawaysSignet Jewelers exceeded earnings forecasts and gave an upbeat assessment about same-store sales.The jewelry store chain's same-store sales fell, but less than expected, and CEO Virginia Drosos said they were turning positive for the current quarter.The stock, which jumped Thursday, is still down in 2024.
Signet Jewelers (SIG) shares jumped Thursday as the jewelry retailer beat profit forecasts and gave an upbeat assessment of same-store sales. The operator of Zales, Jared, and Kay Jewelers stores posted fiscal 2025 second-quarter diluted earnings per share (EPS) of $1.25, $0.09 better than the average estimate of analysts surveyed by Visible Alpha. Revenue declined 7.6% to $1.49 billion, short of forecasts. Same-store sales dropped 3.4%, which was better than Wall Street expected. Same-store sales were “turning positive third quarter to date," according to CEO Virginia Drosos. The company expects them to finish in a range of down 1.0% to up 1.5%. Wall Street expected them to fall 1.2%, according to Visible Alpha data.In the second quarter, North American sales fell 6.9% to $1.4 billion on fewer transactions. International sales tumbled 15% to $86.5 million, also because of a slide in transactions, plus the previously-announced sale of its prestige watch locations.Signet predicts current quarter sales of $1.345 billion to $1.380 billion, while the Visible Alpha estimate is for $1.35 billion.Despite today’s gains, with the stock up some 12%, shares of Signet Jewelers remain lower in 2024.
TradingView
Read the original article on Investopedia.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings