: Signet stock jumps after swinging to big profit beat, as same-store sales more than doubled #FinanceUSA #StockMarketNEWS Shares of Signet Jewelers Ltd. jumped 5.6% in premarket trading Thursday, after
@stockMarketNEWS 6 Days ago
Signet stock jumps after swinging to big profit beat, as same-store sales more than doubled #FinanceUSA #StockMarketNEWS
Shares of Signet Jewelers Ltd. jumped 5.6% in premarket trading Thursday, after the diamond jewelry retailer reported a big profit beat as revenue nearly doubled and same-store sales more than doubled. For the quarter to May 1, the company swung to net income of 8.7 million, or .23 a share, from a loss of 9.6 million, or .96 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of .23 beat the FactSet consensus of .27. Revenue rose 98.2% from a year ago, and grew 18.0% from two years ago (pre-pandemic) to .69 billion, above the FactSet consensus of .62 billion. Same-store sales rose 106.5% from last year, beating expectations of 93.0% growth, but slipped 1.3% from two years ago. In North America, same-store sales rose 117.2%, with brick-and-mortar sales rising 118.4% and ecommerce sales growing 113.4%, as the average transaction value increased 15.2% and the number of transactions grew 90%. Looking ahead, the company raised its guidance ranges for fiscal 2022 revenue to .50 billion to .65 billion from .00 billion to .14 billion and for same-store sales growth to 24% to 27% from 17% to 20%. The stock has soared 123.8% year to date through Wednesday, while the S&P 500 has gained 12.3%.