The Hamilton, Bermuda, company’s shares recently traded at $19.39, up 4.3%. They had slid 14% year to date through Wednesday.
For the fiscal 2021 second quarter ended Aug. 1, Signet posted a net loss of $90 million, or $1.73 a share, widened from $44.3 million, or 86 cents a share, in the year-earlier quarter.
The latest adjusted loss was $1.13 a share, reversing from adjusted earnings of 51 cents a year earlier. Analysts surveyed by FactSet had predicted a loss of $2.07 a share for the latest quarter.
Signet posted revenue of $888 million, down 35% from $1.36 billion in the year-ago quarter. The latest figure topped the FactSet analyst consensus of $788.5 million.
Same-store sales dropped 31.3%, weaker than analysts’ estimate of a 28.9% drop.
"Sales improved sequentially throughout the second quarter, as we reopened stores and remained agile and innovative in these unprecedented times,” Chief Executive Virginia Drosos said in a statement.
“During the quarter, we also scaled our new virtual selling model, improved our merchandise assortment, and enhanced our targeted digital marketing to a strong consumer response."
Same-store sales "turned positive [late in the second quarter], as we reached scale on store reopenings while driving high-double-digit growth in e-commerce,” she said.
“Momentum has continued into the third quarter, with preliminary August same-store sales of 10.9% and e-commerce growth of 65.2%,” the executive said.
Signet boosted its target for net cost savings to $285 million from $225 million for the fiscal year.