the owner of Kay Jewelers and Zales reported better-than-expected sales and per-share earnings for the quarter ending Jan. 30.
Quarterly revenues of $2.19 billion topped Wall Street's forecast of $2.1 billion, while the company earned $4.15 per share, 61 cents above analyst estimates. Comparable-store sales rose 7% in the quarter, besting the FactSet estimate of 5%. Signet has seen the momentum carry into the current quarter, Drosos said, adding that the latest round of Covid stimulus checks and upcoming tax refunds are likely to help its business in the next few months.
"We've seen very strong sales to date in our first quarter. Globally, we're up 16% quarter to date. North America, that's over 20%. I think we could also see that flow through into a strong second quarter," said Drosos, who has served as Signet CEOIn its earnings release Thursday, the company forecast full-year sales between $5.85 billion and $6 billion for its 2022 fiscal year. Signet reported sales of $5.2 billion for the fiscal year that ended Jan. 30.
Signet shares rose by 3.37% in Thursday's session, setting a fresh 52-week high of $65.84 intraday. The stock is up 740% since this time last year, at which point the intensifying coronavirus pandemic was roiling financial markets.
A retail “Phoenix”!
nice
Why did edit out part of the $GME hearing yesterday, specifically when Citadel was being talked about? That’s news in itself.