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Signet Jewelers stock jumps on earnings beat

Yahoo Finance Live anchors discuss the rise in stock for Signet Jewelers following quarterly earnings.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN: All right, we're flipping on over to Signet because those shares are up 11% following an earnings beat on the top and bottom lines. The jewelry retailer saw sales increase nearly 3%, while also raising full-year guidance here. The company now says adjusted earnings-per-share for the full year, it looks like-- actually, it looks like they cut their forecast for the full year, if I'm not mistaken. But their earnings beat big last quarter.

And I note some interesting commentary off the conference call here, you guys. Sales of cheaper jewelry slowed in the third quarter. Higher price points did better. And also, the company sees fewer engagements in 2023--

BRIAN SOZZI: Well, that's a very good.

JULIE HYMAN: --after the surge in 2022. Well, a lot of people probably waited till after the pandemic to propose. And so-- it's like everything else there was like the-- you know.

BRIAN SOZZI: I guess every kiss doesn't begin with K here, Julie. I mean no engagements. What's going on?

JULIE HYMAN: Well, there'll be fewer-- they'll be engagements.

[INTERPOSING VOICES]

BRAD SMITH: That's the expectation here, too. Is that I think it's the wedding report had put out that there are two and half million weddings that were expected to happen here in 2022. Next year--

JULIE HYMAN: And you went to how many of them? [LAUGHS]

BRAD SMITH: I went to at least 75%--

BRIAN SOZZI: 1.9 [? million. ?] [LAUGHS]

BRAD SMITH: --of them. Yes. And then next year it's supposed to ticked down to about two and a quarter million. So that perhaps also going to be factored into how this company is doing.

BRIAN SOZZI: Well, before I go off the deep end on this one, and I won't. I will just say Citi out with a quick note on Signet, saying it was an overall strong quarter for the company. Hence you're seeing the market reaction.

BRAD SMITH: Yeah.

JULIE HYMAN: That is what we're seeing in the market reaction with the shares up as much as they are. I mean, like I said, it looks like the 2023 forecast, they did-- I should say, they did raise their adjusting adjusted operating income forecast. They cut their EPS forecast.

BRIAN SOZZI: And important, too, to that outlook, it finally includes the newly acquired Blue Nile business. Now, Blue Nile for a long time was losing money. Citi noting that it might actually turn profitable for really it might be the first time in the fourth quarter of the season. So that could be a pretty big profit boof for Signet-- boost for Signet in 2023.

BRAD SMITH: Yeah. All right, we'll continue to track Signet. There, you're taking a look at some of the sales forecasts.

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