Why Signet Jewelers Shares Are Rising Today

Signet Jewelers Limited SIG shares are trading higher after the company reported better-than-expected first-quarter earnings per share and sales results.

The company also reaffirmed its full-year 2023 earnings per share and sales guidance, which are above estimates.

Signet Jewelers reported quarterly earnings of $2.86 per share which beat the analyst consensus estimate of $2.38 and sales results of $1.84 billion which beat the analyst consensus estimate of $1.80 billion.

“Signet's strong performance this quarter reflects our team’s successful execution and agility amidst retail headwinds,” said Virginia C. Drosos, Chief Executive Officer.

“We are reaffirming our annual guidance and expanding our share repurchase authorization by $500 million,” said Joan Hilson, Chief Financial and Strategy Officer

Signet Jewelers Ltd is a retailer of diamond jewelry. Its merchandise mix includes bridal, fashion, watches and others.

Signet Jewelers shares were trading about 8.4% higher at $67.44 per share on Thursday at the time of publication.