Signet Jewelers Limited (NYSE:SIG) is upping its earnings guidance for full year 2023 after beating second-quarter estimates on strong demand for its jewelry.
The firm reported an adjusted EPS of $1.55, which beat estimates by nearly $0.10, as sales for the quarter reached $1.61 billion, also ahead of the estimated $1.58 billion expected by analysts.
However, North American comparable sales declined by 12.2%, while international comparable sales dropped by 8.4%.
Signet is still bullish on demand in 2023, though, as evident in its revised sales and earnings guidance for the year.
The company is guiding total sales in the range of $7.10 billion to $7.30 billion for the year, as compared to the prior projection of $7.67B to $7.84B.
Adjusted EPS is now expected to range between $9.55 and $10.14, higher than the previously projected range of $9.49 to $10.09 and above the Street consensus of $9.42.
Shares of Signet rose 6.4% in early Thursday trading to reach $76.02.