Top Performer for Wednesday: Signet Jewelers (SIG)

Signet Jewelers Ltd. (SIG - Analyst Report) shares are up 4.52% so far on Wednesday, which is a solid gain on a lackluster day for the market. That advance is enough to make this specialty retail jeweler a top-performing Zacks #1 Rank.

Volume is currently at approximately 307,000, or a bit below the average of 330,000.

SIG is the only company from the Retail - Jewelry industry on the Zacks #1 Rank List, which includes 225 stocks today. However, there are 2 stocks from the Precious Metals - Jewelry industry on the list: Fossil Inc. (FOSL - Snapshot Report) and FUQI International (FUQI - Snapshot Report). (FUQI was highlighted as the top performer on Monday, Jun 8.)

Market Share Increasing

SIG is the largest specialty retail jeweler in the world, and that position has really helped to raise its market share. Most of the company's competitors found it necessary to make drastic cuts during this deep economic slump. SIG has, therefore, capitalized thanks to its 'operational initiatives'.

"We have had a good start to the year reflecting the impact of our operational initiatives, and have made significant progress towards achieving our financial objectives for fiscal 2010," said Chief Executive Terry Burman.

For the fiscal first quarter, earnings per share of 31 cents topped the year-ago quarter. The result also beat the consensus by nearly 35%. However, total sales declined to $762.6 million from $822.5 million last year. Same-store sales were down 2.9%.

Looking forward, the company said it plans to continue its strategy of enhancing its position as the strongest middle market specialty jeweler, while strengthening its balance sheet and reducing business risk.

Earnings Estimates Rise

Analysts currently expect earnings of $1.19 per share for the year ending January 2010, which is up 3.5% in the past month.

Meanwhile, expectations for the year ending January 2011 have inched higher by a penny in the past 7 days to $1.49, which is also about 25% better than the outlook for this year.