UPDATE: Signet Jewelers Shares Jump After Better-Than-Expected Q3 Earnings

Shares of Signet Jewelers

jumped more than 4.5% in pre-market trading after the company reported upbeat earnings for the third quarter and lifted its FY14 earnings forecast. The Hamilton, Bermuda-based company posted a quarterly loss of $1.3 million, or $0.02 per share, versus a year-ago profit of $33.6 million, or $0.42 per share. Excluding certain items, the company's earnings came in at $0.21 per share, versus its expectation of $0.12 to $0.18 per share. Its sales climbed 53% to $1.18 billion. However, analysts were expecting earnings of $0.18 per share on revenue of $1.18 billion. Same-store sales gained 4.2% in the quarter, versus its expectation for 2% to 4% growth. Same-store sales at the Kay division rose 7.5%, while same-store sales at Jared division climbed 6.5%. The Zale division's same-store sales slipped 0.9% in the quarter. Mark Light, Chief Executive Officer said, "While Zale same store sales declined 0.9%, we remain pleased with the Zale division integration progress. In the short time period since owning Zale, we have been able to implement select initiatives to further the Zale holiday business. We remain confident in our ability to meet our goal of $150 million to $175 million in cumulative 3-year synergies from January-end 2015 to January-end 2018." Signet now projects FY14 earnings of $5.51 to $5.61 per share, versus its earlier forecast of $5.38 to $5.54 per share. For the current quarter, Signet projects earnings of $2.95 to $3.05 per share, versus analysts' estimates of $3.03 per share. It projects same-store sales growth of 3% to 4%. Signet shares climbed 4.89% to $129.00 in pre-market trading.