Signet shares soar as jeweler lifts annual profit forecast

Signet Jewelers

09/09/2026 16:41

Sept 9 (Reuters) - Signet Jewelers' SIG.N shares jumped about 20% on Wednesday after the company raised its annual profit forecast, helped by resilient demand for its pricier bridal and fashion jewelry.
Wealthier consumers have been splurging on special occasions such as weddings, even as higher gas and food prices strain household budgets ahead of the busy festival shopping season.
     
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Shares are on track for their best day since December 2022 if gains hold, adding more than $600 million in market value.
Signet delivered high-single-digit unit growth at higher price points, CEO J.K. Symancyk said.
It also reported second-quarter profit that beat Wall Street expectations.
The company's results come against lowered expectations as broader discretionary spending has weakened in the U.S., analysts from Telsey Advisory Group and Raymond James said.
"We consider growth at the high-end the most important indicator of momentum because products above $2,000 are about 7% of units but 40% of revenue," said Raymond James analyst Rick Patel.
Signet Jewelers said tariff refunds totaled $15 million during the quarter, exceeding its expectations by $13 million.
The company expects fiscal 2027 adjusted earnings per share in the range of $10.45 to $12.15, up from previous view of $9.20 to $11.
It reported second-quarter profit of $2.19 per share, beating estimates of $1.74 per share, according to data compiled by LSEG.
The jeweler narrowed its forecast for annual same-store sales growth to a range of flat to an increase of 2.5%, versus its earlier forecast of a decline of 0.75% to growth of 2.5%.
It also said it intends to enter into a $125 million accelerated share repurchase program this month.
Signet operates about 2,500 stores under brands including Kay Jewelers, Zales, Jared and Diamonds Direct.
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 (Reporting by Shania S Thomas in Bengaluru)
 ((shanias.thomas@thomsonreuters.com))