NEW YORK (TheStreet) -- Signet Jewelers (SIG) surged Thursday on volume that was more than five times the stock's three-month average after the company reported strong core operations and increased its cost saving and revenue targets for its May-acquisition of Zale's.
Shares of the Hamilton, Bermuda based jewelry retailer -- the owner of Jared the Galleria of Jewelry, Kay Jewelers and, most recently, Zale's -- rose 7.7% to $116.37 and hit a new 52-week-high during intraday trading on Thursday of $117.42.
Signet reported second-quarter earnings of 72 cents a share, including several charges related to its acquisition of Zale's. Excluding the items, Signet reported earnings of $1 a share, up 19% from the year-earlier period and exceeding analysts' estimates of 98 cents a share. Sales rose 39.3% from last year's quarter, to $1.23 billion, fueled by the addition of Zale's and exceeding consensus estimates of $1.19 billion. Signet completed the acquisition in May.
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