Shares of Signet Jewelers Ltd.
SIG,
+6.06%
surged 3.1% in premarket trading Monday, after the diamond jewelry retailer raised its sales outlook, citing stronger-than-expected conversion and average ticket. The company raised its revenue guidance range for the first quarter to $1.57 billion to $1.60 billion from $1.42 billion to $1.46 billion and for the full fiscal year to $6.00 billion to $6.14 billion from $5.85 billion to $6.00 billion. The FactSet consensus for the first quarter is $1.45 billion and for the year is $6.00 billion. The company now expects first-quarter same-store sales growth of 97% to 99%, up from previous guidance of up 80% to 84%, and raised its same-store sales guidance for the year to 17% to 20% from 14% to 17%. “The Company believes this topline strength is likely due to a combination of traction from strategic initiatives as well as tailwinds from stimulus, tax refunds and consumer enthusiasm on the heels of vaccine rollouts – particularly during the Company’s guest appreciation events in late March,” the company said in a statement. The stock has soared 124.0% year to date through Friday, while the S&P 500
SPX,
+0.77%
has gained 9.9%.
