Signet Jewelers (SIG) is a jewelry retailer. It operates through brands such as Zales, Banter, Diamond Direct, Jared and Kay Jewelers. The company plans to report its second quarter 2023 results before he opens on Sept. 1. His website traffic tool at TipRanks suggests positive results. This report is for the quarter ended July 31.
In an expansion move, Signet recently acquired online jewelry retailer Blue Nile in a $360 million cash transaction. The company has relied on acquisitions in recent years to fuel its growth. Other recent acquisitions include Diamonds Direct and Rocksbox.
Signet’s surge in website traffic indicates strong customer interest
SEMrush Holdings (SEMR) is the world’s largest website usage monitoring service, providing insight into Signet’s performance this quarter.
The tool shows that the Signet website registered a 27.4% increase in global visits in Q2 compared to Q1. Additionally, Signet website traffic surged 44.2% year-to-date.
TipRanks’ website traffic tool provides insight into customer interest in a company’s products. An increase in website traffic may indicate an increase in demand for the company’s products, which may indicate strong earnings. In contrast, declining traffic trends suggest weak demand, which can indicate weak revenue.
See how website traffic can help you research your favorite stocks.
What does Wall Street say about Signet’s third quarter earnings?
Wall Street expects Signet to deliver an EPS of $2.59 on revenue of $1.75 billion. Signet’s internal guidance calls for approximately $1.75 billion in revenue. No EPS guidance was provided. The company cut its earnings outlook from $1.79 billion to $1.82 billion to $1.75 billion, citing a tightening in consumer spending due to inflation. In the year-ago quarter, Signet reported EPS of $3.57 and revenue of $1.79 billion. These results exceeded Wall Street’s expectations.
Is Signet Jewelers stock a buy?
Signet shares are down almost 30% year-to-date. SIG stock is a medium buy based on his two purchases and three holds, according to TipRanks analyst ratings consensus. An average SIG stock forecast of $79.20 implies a 20.1% upside potential.
Signet shares have been favorably mentioned on financial blogs. According to TipRanks data, the financial blogger’s opinion is that he has a bullish view on SIG stocks at 93%, compared to his 64% for the sector average.
Signet has cut its second quarter earnings guidance on inflation concerns. However, website traffic trends suggest that the company continued to see strong customer interest in its products throughout the quarter. As a result, the next earnings report may come as a pleasant surprise for SIG’s equity investors.
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