Signet Jewelers Shares Rise Over 23% After Raised Earnings Guidance
Shares of Signet Jewelers (SIG) surged over 23% on Wednesday following the company's announcement that it is raising its full-year profit forecast. The world’s largest diamond jewelry retailer reported stronger-than-expected results, driven by increased spending during key shopping periods like Mother's Day and weddings. Signet saw a 2.2% year-over-year increase in same-store sales for fiscal Q2 2027 ending August 1st, despite total sales declining slightly to $1.5 billion due to store closures. The company closed 53 locations over the last two quarters and now operates 2,559 stores overall. Cost-cutting measures helped Signet boost its adjusted operating income by 26% year-over-year to $107 million, with adjusted earnings per share rising 36% to $2.19—well above Wall Street's expectations of $1.74.
Tickers: $SIG
Topics: consumer_spending financial_performance jewelry retail