Signet Jewelers Stock Pulls Back After Strong Earnings Report
One day after a significant rise due to better-than-expected earnings, Signet Jewelers (SIG) experienced a pullback as investors took profits. As of midday trading on September 9, the stock was down nearly 5.7%. Analysts had raised price targets following the report, which showed improved adjusted operating income and earnings per share despite lower revenue due to store closures. Signet reported same-store sales growth of 2.2% and announced a $125 million accelerated share repurchase program along with an upward revision in full-year guidance for both same-store sales and adjusted EPS. Despite the pullback, Signet's stock remains up about 20% over two days due to its strong earnings performance. The company is on track for record annual profits as it continues a strategy of store rationalization and margin expansion.
Tickers: $SIG
Topics: earnings report price target updates share repurchase program Signet Jewelers