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Signet Jewelers Ltd. (NYSE:SIG) stock is up nearly 20% over the past month, driven in part by Taylor Swift's engagement to Travis Kelce and by the company's second-quarter financial results.
Here's a look at these recent catalysts.
Signet’s CEO J.K. Symancyk joined CNBC's Jim Cramer on Tuesday night to discuss the impact Swift’s engagement had on the jewelry sector.
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He highlighted a surge in engagement ring interest and jewelry sales following the engagement announcement and labeled the event as a prime example of “Swiftonomics.”
The CEO said that Swift’s influence drove a major uptick in both social search volume and consumer sentiment around cushion-cut diamond rings, which quickly translated to a surge in Signet’s stock price by more than 3% immediately after the news broke.
On Tuesday, Signet Jewelers beat analyst expectations on the top and bottom lines with second-quarter adjusted EPS of $1.61 and revenue of $1.53 billion, up 3% year-over-year.
Telsey Advisory Group analyst Dana Telsey highlighted Signet's beats on sales, gross margin and SG&A, with stabilization efforts under new CEO Symancyk showing progress.
The company's brands, which include Kay, Zales and Jared, delivered a combined 5% same-store sales increase in the quarter.
Overall, Telsey retained a cautiously optimistic view on Signet Jewelers, despite macro uncertainties and tariff risks, based on recent operational improvements.
Telsey Advisory Group maintained Signet with a Market Perform rating and $92 price target.
Price Action: SIG shares were trading 1.29% lower at $89.29 at the time of publication Wednesday, according to data from Benzinga Pro.
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Photo: Brian Friedman/Shutterstock
Posted In: SIG
