(Sharecast News) - Signet Jewelers topped estimates with its strong set of second-quarter results on Thursday, leading the group to raise its full-year outlook.
The US retailer saw sales increase 1.5% to $1.42bn over the three months ending 4 August, while same-store sales rose by 1.7%, something the Ohio-based company put down to its attempts at improving the "newness" and its product mix.
Revenues grew 2.16% to $1.42bn, helping the firm crush Wall Street estimates for $0.20 in earning per share with its $0.52 showing.
"During the second quarter, we continued to see stabilization in same-store sales, and we remain confident that we have the right strategies in place to continue to drive operational improvement over the long-term. To reflect our improved second quarter performance, we are modestly raising our revenue and earnings guidance for the year," said chief executive Virginia Drosos.
Signet now expects full-year adjusted earnings per share to come in at between $4.05 and US$4.40 compared to its prior guidance for $3.75 to $4.25.
The retailer also upped its sales forecast to a range of between $6.2bn to $6.3bn, which was up from its previous guidance of $5.9bn to $6.1bn.
Separately, Signet announced that its chief financial officer, Michele Santana, would leave the group in 2019 once a replacement has been found.
As of 1555 BST, Signet shares had surged 26.13% to $68.93 each.
18 Dec 2015 09:39