Signet Jewelers (SIG) jumps after topping earnings, revenue forecasts

Signet Jewelers (NYSE: SIG) shares surged Tuesday, rising more than 19% on the back of its earnings and revenue beat.

The diamond jewelry retailer reported third-quarter earnings of $0.74, $0.48 better than the analyst estimate of $0.26, with revenue for the quarter coming in at $1.6 billion versus the consensus estimate of $1.49 billion.

Despite the top and bottom line beat, same-store sales declined 7.6%.

"Our strong third-quarter results exceeded guidance and evidence why we believe Signet is uniquely positioned to deliver consistent market share growth and value creation," commented Virginia Drosos, Chief Executive Officer.

The company's full-year guidance also topped estimates, with FY23 earnings seen between $11.40 and $12, versus the consensus of $10.90, while revenue for the period is expected to be between $7.77 billion and 7.84 billion, versus the consensus of $7.74 billion.

For the fourth quarter, Signet expects revenue of $2.59 billion to 2.66 billion, versus the consensus of $2.64 billion.

By Sam Boughedda

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