RTTNews | Jun 10, 2021 10:10AM EDT

10:10 Thursday, June 10, 2021 (RTTNews.com) - Signet Jewelers Ltd. (SIG) shares are gaining more than 17 percent on Thursday morning trade as the retailer of diamond jewelry, watches, and other products reported first-quarter net profit, compared to loss last year on surge in revenue.

For the first quarter, the company reported net profit of $138.4 or $2.23 per share, compared to net loss of $197.1 million or $3.96 per share in the prior year. On an adjusted basis, earnings were $2.23 per share. Revenue for the quarter increased 98.2 percent to $1.69 billion from $852.1 billion in the previous year. Same-store sales were up 106.5 percent.

For the second quarter, the company declared a quarterly cash dividend of $0.18, payable on August 27 on record July 30.

Looking ahead to the second quarter, the company projects revenue in a range of $1.60-$1.65 billion and Same-store sales of 76 to 82 percent. Wall Street analysts are looking for revenue of $1.62 billion. For fiscal 2022, the company expects revenue between $6.50 and $6.65 billion and Same-store sales of 24 and 27 percent. Analysts expect revenue of $6.18 billion.

Currently, shares are at $71.90, up 17.80 percent from the previous close of $61.04.

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