Diamond jewelry retail company Signet Jewelers boosted its revenue outlook for the first quarter to between $1.57 billion and $1.6 billion, from its prior estimate of $1.42 billion to $1.46 billion.
Signet said that it has experienced stronger than expected conversion and average ticket values in the first quarter.
For the full year, Signet expects to generate revenue between $6 billion and $6.14 billion, a higher range compared to its prior outlook of $5.85 billion to $6 billion.
According to Signet, its revenue is likely benefitting from combination of “traction from strategic initiatives as well as tailwinds from stimulus, tax refunds and consumer enthusiasm on the heels of vaccine rollouts".
Last month, Signet reported adjusted earnings of $4.15 per share, which exceeded the FactSet analyst consensus of $3.54 per share. Sales rose +1.5% year-over-year to $2.2 billion, ahead of the FactSet consensus of $2.1 billion.