Signet Jewelers 2Q profit tops analysts' expectations; same-store sales climb
Signet Jewelers Ltd.'s fiscal second-quarter adjusted profit topped analysts' estimates as revenue improved thanks to solid sales from various brands.
The jewelry company's stock surged more than 10 percent in Thursday midday trading.
The Hamilton, Bermuda-based company — which runs stores under brands such as Kay Jewelers and Jared The Galleria of Jewelry — earned $62.2 million, or 78 cents per share, for the period ended Aug. 1. That compares with $58 million, or 72 cents per share, a year earlier.
Earnings, adjusted for non-recurring costs, were $1.28 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
Revenue increased to $1.41 billion from $1.23 billion.
Sales at stores open at least a year, a key indicator of a retailer's health, rose 4.2 percent. This metric excludes results from stores recently opened or closed.
At Kay Jewelers, same-store sales climbed 4.1 percent. The figure was up 2.7 percent at Jared.
Signet expects third-quarter adjusted earnings of 36 cents to 40 cents per share. Analysts polled by Factset predict earnings of 37 cents per share.
Shares of Signet rose $12.71, or 10.5 percent, to $134.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIG at http://www.zacks.com/ap/SIG
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