Why Signet Jewelers Stock Jumped Today
Shares of Signet Jewelers (NYSE: SIG) were up 20% at 11:13 a.m. ET on Tuesday after the company reported better-than-expected earnings results for the third quarter. The company also raised its full-year outlook.
It's encouraging to see Signet post a sales increase of 4.2% year over year, excluding currency changes, especially given inflation and other macroeconomic headwinds. Not many retailers are exceeding expectations and raising guidance, which is why the stock is up so much today.
However, the quarter wasn't all flash and bling. Same-store sales were still down 7.6%, excluding the results of Diamonds Direct and Blue Nile, which the company acquired. Adjusted operating profit was cut nearly in half to $58 million, although Signet is operating in a much better position than before the pandemic, when the company was less profitable.
Source Fool.com
