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Signet's Stock Sparkles After Raising Guidance

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Signet's Stock Sparkles After Raising Guidance

Signet Jewelers (NYSE: SIG) shares are trading sharply higher after the company raised fourth-quarter and fiscal year 2019 EPS guidance above analyst estimates.

Signet's holiday sales were up 1.6% and e-commerce sales were up 13.5%.

As a result, Signet now sees non-GAAP operating income at $254-$259 million. The company also raised fourth-quarter non-GAAP diluted EPS to $3.44-$3.52 compared to the $3.11 estimate.

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“We delivered holiday same store sales growth ahead of our guidance as we continued to implement year two of our ‘Path to Brilliance’ transformation,” said Virginia Drosos, CEO of Signet Jewelers in a statement.

“Product newness, investments in our digital capabilities, and more targeted marketing campaigns drove both eCommerce and brick and mortar growth in North America. I would like to sincerely thank our 30,000 team members, whose dedication and customer focus enabled our strong execution this holiday season and positive revision to our fiscal 2020 guidance."

Signet Jewelers shares were trading higher by 39.85% at $30.04 at time of publication. The stock has a 52-week high of $34.31 and a 52-week low of $10.40.

Posted-In: News Guidance Retail Sales Movers Trading Ideas Best of Benzinga

 

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