Barclays Q2 Review on Signet Jewelers (SIG): Hit From Rolex and Pandora; Extra Week to Help
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Price: $90.57 -2.15%
Rating Summary:
13 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 13 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Equalweight' on Signet Jewelers (NYSE: SIG) price target of $55.00.
Analyst, Jessica Schoen, noted the Q2 beat versus her estimates ($0.85 vs. $0.81). Same-store sales were positively impacted by the shift in Mother's Day (into Q2 from Q1). Kay jewelers saw U.S. store sales up 12.5% and 2.4% at Jared. However negative impacts came from the departure of Rolex and slowing sales of Pandora.
Looking forward, Schoen, said, "We are increasing our 2012 and 2013 EPS estimates to $4.25 and $4.70 from $4.20 and $4.60, with a cautious view for 3Q comp due to the impact of a one-time watch event at Jared. We also note that 4Q12 will contain an extra week, which should result in $50 mm incremental sales, but negatively impact operating profit by $2-$4 million."
For an analyst ratings summary and ratings history on Signet Jewelers click here. For more ratings news on Signet Jewelers click here.
Shares of Signet Jewelers closed at $46.88 yesterday.
Analyst, Jessica Schoen, noted the Q2 beat versus her estimates ($0.85 vs. $0.81). Same-store sales were positively impacted by the shift in Mother's Day (into Q2 from Q1). Kay jewelers saw U.S. store sales up 12.5% and 2.4% at Jared. However negative impacts came from the departure of Rolex and slowing sales of Pandora.
Looking forward, Schoen, said, "We are increasing our 2012 and 2013 EPS estimates to $4.25 and $4.70 from $4.20 and $4.60, with a cautious view for 3Q comp due to the impact of a one-time watch event at Jared. We also note that 4Q12 will contain an extra week, which should result in $50 mm incremental sales, but negatively impact operating profit by $2-$4 million."
For an analyst ratings summary and ratings history on Signet Jewelers click here. For more ratings news on Signet Jewelers click here.
Shares of Signet Jewelers closed at $46.88 yesterday.
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