SIG stock has jumped more than 20% Thursday after Signet Jewelers (NYSE:SIG) released its earnings for the second quarter.
Here’s everything we know.
The Earnings Report that Sent SIG Stock Flying
On Thursday, September 5, Signet Jewelers reported its Q2 earnings report. There were several declines highlighted, but SIG stock is still benefitting as the company beat analyst expectations. Reporting earnings of 51 cents per share, this means Signet Jewelers witnessed a 1.92% decrease in Q2, with the company reporting earnings of 52 cents per share from the same period in 2018. Still, this figure beat analyst expectations, with the consensus being Signet to report earnings of 24 cents.
Then, there are the company’s quarterly sales. In the report, Signet highlighted quarterly sales of $1.364 billion, which is a 3.94% decrease from 2018. However, like earnings, this figure beat expectations. For perspective, the analyst consensus estimate was $1.34 billion.
“We continue to gain traction on our transformation initiatives and delivered second-quarter results that exceeded our same-store sales, non-GAAP operating profit, and non-GAAP earnings per share expectations,” said Virginia Drosos, Signet CEO.
Despite the declines, the market still seems to be treating SIG stock well. Maybe that has to do with the company beating estimates and beating the Zacks Consensus Estimate for the seventh consecutive time.
Whatever the reason is, SIG stock is trading at $13.52, which puts it up 22.80%.
With this stock jump, investors may want to keep a close eye on the company. Plus, according to Virginia Drosos, good things are to come for SIG.
“As we enter the competitive holiday season, we believe we are positioned to execute our product strategy by launching additional flagship brands, delivering relevant on-trend new merchandise and offering a highly competitive assortment for value-oriented shoppers. We remain focused on delivering our Path to Brilliance transformation designed to drive sustainable growth and create value for our shareholders over the long term.”
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