Signet Jewelers Up 22% After an Acquisition Announcement and Impressive Q2 Results
Shares of Signet Jewelers (NYSE: SIG), the world's largest retailer of diamond jewelry with roughly 3,600 stores under name brands of Kay Jewelers, Zales, Jared, among others, are jumping more than 22% higher as of 11:05 a.m. EDT after the company's second quarter provided investors with rare optimism found with brick-and-mortar retailers.
Signet's second-quarter revenue moved 1.9% higher, driven by a 1.4% increase in comparable-store sales, to just under $1.4 billion, which was good enough to top analysts' estimates calling for $1.33 billion. The better-than-expected top line was also driven by e-commerce platform improvements, a strong Mother's Day performance, and simply better marketing, according to the company. The solid top-line results filtered down to the bottom where Signet's $1.33 earnings per share was much better than estimates calling for a more modest $1.04-per-share result.
Image source: Getty Images.
Source: Fool.com
Signet Jewelers Stock
With 9 Buy predictions and not the single Sell prediction the community is currently very high on Signet Jewelers.
As a result the target price of 110 € shows a positive potential of 40.49% compared to the current price of 78.3 € for Signet Jewelers.
