Signet Jewelers Shares Rise on Strong Earnings and Raised Guidance
Shares of Signet Jewelers (NYSE: SIG) surged over 24% after the company raised its full-year profit forecast. The world's largest diamond jewelry retailer reported stronger-than-expected earnings, driven by increased spending on high-end jewelry for special occasions like Mother’s Day and weddings. Despite a slight decline in total sales to $1.5 billion due to store closures — 53 locations were closed over the last two quarters — Signet saw same-store sales rise 2.2% year-over-year. Cost-cutting measures also helped boost adjusted operating income by 26%, and adjusted earnings per share jumped 36% to $2.19, surpassing Wall Street expectations. The positive results led the company to raise its full-year profit guidance from $9.20–$11 to $10.45–$12.15 in adjusted EPS. CEO J.K. Symancyk highlighted efforts to strengthen sales of both lower- and higher-priced jewelry, positioning Signet well for the holiday season.
