Signet Jumps On Revising Guidance, Reinstating Dividend By Investing.com

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© Reuters.

By Dhirendra Tripathi

Investing.com – Signet Jewelers (NYSE:) stock jumped over 7% in Thursday’s premarket trading as the company raised its guidance for fiscal 2022.

It also announced a quarterly cash dividend of 18 cents per share for the second quarter of the current fiscal year while reinstating the payout program.

This the second time the company has raised its annual guidance after doing so first in April.

Signet now sees total revenue between $6 billion and $6.65 billion for fiscal 2022, growth of 15%-27%.

Same-store sales for the fiscal are seen rising 24%-27%. This is purely on the momentum of the first six months of the fiscal as sales for the second half are seen falling.

The company’s confidence to again revise its guidance came as revenue for the quarter almost doubled to $1.68 billion. Both same-store and e-commerce sales more than doubled.

The world’s largest retailer of diamond jewelry said it will proactively manage against shifts in discretionary spending..

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