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Signet Jewelers reported second-quarter net profit of more than $52 million, reversing a net loss of over $9 million a year earlier.
The parent of Kay Jewelers, Zales, and Jared also extended its consumer credit partnership with Bread Financial through 2035, a deal the company said includes new profit-sharing terms expected to make more than $1 billion in incremental value over time.
Adjusted earnings per share came in at $2.19, beating analyst estimates of $1.72 by a wide margin. Shares rose as much as 24% in trading on the news.
Management raised full-year adjusted EPS guidance to $10.45-$12.15, up from the previous $9.20-$11.00 range.
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