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Is Signet Jewelers (SIG) a Buy After Beating Earnings?
Signet Jewelers (SIG - Free Report) surged over 9% during Thursday’s session after the company reported better-than-expected earnings. Signet delivered quarterly earnings of $2.86 per share, beating the $2.29/share Zacks Consensus Estimate by 24.89%.
Sales rose 8.8% during the quarter to $1.84 billion. SIG, a Zacks Rank #4 (Sell) stock, has a strong track record of earnings surprises and has exceeded estimates in each quarter for the past five years running.
The owner of Zales and Kay brands gave upbeat guidance, with annual sales forecasts hitting the upper end of estimates. However, shares have declined over 20% so far this year. Retailers in general have struggled, and it may be best to steer clear of SIG until the trend reverses.