Signet Jewelers Stock Is Having Its Best Day in Over a Year After Earnings

Signet Jewelers is the parent company of Zales, Jared, and Kay Jewelers. (Mark Kauzlarich/Bloomberg)

Key Points

• Signet Jewelers stock rises after the company boosts its fiscal-year earnings forecast to a range of $10.45 to $12.25 a share.
• The retailer’s adjusted earnings of $2.19 a share beat analyst projections, while sales of $1.53 billion meet expectations.
• Signet Jewelers’ same-store sales grow 2.2% in the quarter, beating the 1.9% analysts anticipated.

Signet Jewelers stock was pacing toward its largest single-day gain in over a year on Wednesday after its latest earnings report showed the retailer positioning itself for stronger growth ahead.

Signet—the parent company of brands including Zales, Kay Jewelers, and Jared—hiked its fiscal-year earnings forecast to a range of $10.45 to $12.25 a share, up sharply from a prior outlook of $9.20 to $11. Analysts tracked by FactSet were looking for $10.28 a share, below the low end of the range.

Management partly attributed the guidance boost to Signet’s strong operating performance so far this year, even though its latest quarterly results failed to beat estimates across the board. Adjusted earnings of $2.19 a share outstripped the $1.74 analysts had projected, while sales fell slightly to $1.53 billion, in line with expectations.

In the view of Jefferies analyst Randal Konik, the quarter is more of a narrative story than a numbers one. As Konik put it, “the quality of the quarter is what stands out,” citing evidence of compounding execution rather than a one-off performance.

The company not only hiked its guidance but expanded its share buyback program and locked in a long-dated credit partnership, with Konik calling it “a confident setup” into the holiday season.

Same-store sales grew 2.2% in the quarter, beating the 1.9% analysts anticipated. Growth was driven largely by pricing rather than volume, with CEO J.K. Symancyk highlighting “high single-digit unit growth at higher price points.” Indeed, average unit retail rose about 6% across both the company’s bridal and fashion jewelry segments.

The earnings report gave shares the spark they needed, sending them 9% higher in premarket trading on Wednesday. Heading into the session, Signet stock was down slightly for the year against a 12% gain for the S&P 500 as investors awaited clearer signs of top-line growth against a challenging macroeconomic backdrop.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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