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Signet Jewelers Higher On Q2 Earnings Beat, Guidance Raise

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Signet Jewelers Higher On Q2 Earnings Beat, Guidance Raise

Signet Jewelers (NYSE: SIG) reported second-quarter earnings of 51 cents per share, which beat the analyst consensus estimate of 24 cents. This is a 1.92% decrease over earnings of 52 cents per share from the same period last year.

The company reported quarterly sales of $1.364 billion, which beat the analyst consensus estimate of $1.34 billion. This is a 3.94% decrease over sales of $1.42 billion the same period last year.

Signet Jewelers sees fiscal year 2020 adjusted EPS $2.91-$3.23 versus the $2.91 estimate and sales adjusted from $6 billion-$6.03 billion versus the $6 billion estimate.

"We continue to gain traction on our transformation initiatives and delivered second quarter results that exceeded our same store sales, non-GAAP operating profit, and non-GAAP earnings per share expectations,” said Signet CEO Virginia Drosos. “Our continuing cost control and disciplined inventory management also led to improved adjusted free cash flow generation in both the second-quarter as well as year to date. We remain on track to deliver our full year non-GAAP financial guidance."

Signet Jewelers shares were trading up 15.3% at $12.70 in Thursday’s pre-market session. The stock has a 52-week high of $68.24 and a 52-week low of $10.40.

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