Signet Jewelers (NYSE:SIG) news for Thursday concerning the company’s guidance update has SIG stock soaring higher.
A Signet Jewelers news release reveals that the company is now expecting fiscal Q4 non-GAAP diluted EPS from 3.44 to $3.52. That will easily have the company beating out Wall Street’s estimate of $3.11 for the period.
The Signet Jewelers news release also notes that it now expects revenue for the quarter to come in at $2.12 billion. If this holds true, the company will manage to surpass analysts’ revenue estimate of $2.07 billion for the quarter.
Signet Jewelers isn’t just expecting a strong fourth quarter. It also has high hopes for fiscal 2020. That includes non-GAAP diluted EPS of $3.61 to $3.69 on revenue of $6.10 billion. For comparison, Wall Street is looking for per-share earnings of $3.26 and a revenue of $6.06 billion.
So what exactly is behind this positive Signet Jewelers news? Virginia Drosos, Chief Executive Officer, explains in the following statement.
“We delivered holiday same store sales growth ahead of our guidance as we continued to implement year two of our Path to Brilliance transformation. 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.”
SIG stock was up 40.53% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.