Signet Jewelers (NYSE:SIG) has raised its adjusted earnings per share (EPS) guidance for the full year, sending its shares about 3% higher in early Thursday trade.
Signet now expects adjusted EPS to range between $9.55 and $10.14. This update is higher than the previously projected range of $9.49 to $10.09 and higher than the consensus of $9.42.
Furthermore, Signet anticipates total sales in the range of $7.10 billion to $7.30 billion for the year, as compared to the prior projection of $7.67B to $7.84B. The estimated total sales were approximately $7.18B.
Looking at the third quarter forecast, Signet anticipates an adjusted operating income ranging from $10 million to $25 million, in line with the consensus of $18.2M. Additionally, the company foresees total sales in the range of $1.36B to $1.41B, while analysts were looking for $1.4B.
In the second quarter results, Signet reported an adjusted EPS of $1.55, outperforming the estimate of $1.45. The company's sales for the quarter reached $1.61B, exceeding the estimated $1.58B.
"Our team's focus on the consumer enabled us to exceed our revenue and bottom-line commitments in the quarter while also advancing our strategic priorities. We remain confident in our ability to achieve our Fiscal 2024 guidance," said Signet Chief Executive Officer Virginia C. Drosos.
Notably, North America comparable sales saw a decline of -12.2%, while international comparable sales dropped by -8.4%. Furthermore, same-store sales experienced a decrease of -12%.