Signet Jewelers jump on better-than-expected Q3 sales forecast

Signet Jewelers

12/09/2024 15:22

(Updates)
    ** Shares of diamond jewelry retailer Signet Jewelers
 SIG.N  rise as much as 17.5% to near three-month high of $91.75
        ** Stock last up 15% and is set for best day since
December 2022
  
    ** Company forecasts Q3 sales above expectations and tops Q2
profit estimates
    ** SIG expects Q3 total sales between $1.35 billion and
$1.38 billion, compared with LSEG estimates of $1.35 billion
    ** Q2 adjusted profit of $1.25 per share tops estimates of
$1.14 
    ** "Our strategy to accelerate new merchandise at the right
price points is capturing customer demand and driving
merchandise margin expansion," CEO Virginia Drosos says
    ** Q2 sales fall 7.6% to $1.49 billion. Analysts were
expecting sales of $1.50 billion
    ** SIG also reaffirms its fiscal 2025 forecasts 
    ** Telsey Advisory Group analysts say, "SIG delivered a
solid Q2 and maintained the annual outlook despite continued
macrouncertainty in the back half of the year"
    ** Up to Wednesday's close, stock had fallen ~27% YTD

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))