Signet Jewelers Limited SIG posted better-than-expected results for third-quarter fiscal 2023. Further, sales increased year over year while earnings declined from the year-ago fiscal quarter’s reading. Also, same-store sales dropped 7.6% from the year-earlier fiscal quarter’s reading.This presently Zacks Rank #3 (Hold) player’s shares have increased 2.1% in the past three months compared with the industry’s 5.9% dip.Management raised the view for fiscal 2023, which reflects confidence in the current business trends and is inclusive of Blue Nile. The holiday season remains encouraging.Quarterly DetailsSignet reported adjusted earnings of 74 cents per share, beating the Zacks Consensus Estimate of 30 cents. The bottom line plunged from $1.43 earned in the year-ago fiscal quarter. Signet Jewelers Limited Price, Consensus and EPS Surprise Signet Jewelers Limited price-consensus-eps-surprise-chart | Signet Jewelers Limited QuoteThis jewelry retailer generated total sales of $1,582.7 million, ahead of the Zacks Consensus Estimate of $1,473 million. The top line rose 2.9% from the prior-year fiscal quarter’s tally due to soft same-store sales.A Sneak Peek Into MarginsThe adjusted gross profit in the fiscal third quarter amounted to $557.6 million, down 3.1% from $575.6 million in the year-ago fiscal comparable quarter.Adjusted SG&A expenses came in at $497.2 million, up 5.4% from $470.5 million in the prior fiscal year’s comparable quarter. SIG reported an adjusted operating income of $57.9 million, down from the $105.2 million recorded in the year-ago fiscal quarter. As a rate of sales, the adjusted operating margin contracted 310 basis points to 3.7%.Segment DiscussionSales in the North American segment rose 5.1% from the year-ago fiscal quarter’s number to $1.5 billion. Same-store sales fell 7.6% from the year-ago fiscal quarter’s levels due to lower transactions, partly compensated by a rise in the average transaction value (ATV).Sales in the International segment dropped 21.2% from the year-earlier fiscal quarter’s reading to $95.3 million. Same-store sales in the segment slipped 6.7% from the year-ago fiscal quarter’s tally, reflecting the impacts of increased ATVs and lower transactions.Financial DetailsSignet ended the fiscal third quarter with cash and cash equivalents of $327.3 million, accounts receivable of $29.8 million and inventories of $2,429 million. The long-term debt was $147.3 million at the end of the reported fiscal quarter. Total shareholders’ equity was $1,358.1 million at the end of the fiscal third quarter.As of third-quarter fiscal 2023, Signet used net cash of $155.5 million from operating activities. SIG had an adjusted free cash flow of a negative $249.8 million as of Oct 29, 2022.Signet completed a shares buyback of $20.2 million in the fiscal third quarter. Fiscal 2023 year to date through Dec 2, it has repurchased roughly 5.6 million shares for $393 million. SIG has buybacks of about $570.3 million left under its authorization. Signet’s board declared a quarterly cash dividend of 20 cents per share for the fourth quarter of fiscal 2023.We note that Signet had 2,800 stores as of Oct 29, 2022.GuidanceSignet updated guidance for fiscal 2023. It projects total revenues in the band of $7.77-$7.84 billion, compared with $7.60-$7.70 billion projected earlier and $7.83 billion delivered in fiscal 2022. The adjusted operating income is still anticipated in the range of $809-$850 million, versus the earlier projection of $787-$828 million and $908.1 million recorded in the last fiscal year.Adjusted earnings per share (EPS) are envisioned in the bracket of $11.40-$12.00 compared with the previous forecast of $10.98-$11.57 for fiscal 2023 and $12.28 earned in fiscal 2022.Capital expenditures for fiscal 2023 are likely to be nearly $215 million.For the fourth quarter of fiscal 2023, management expects revenues in the range of $2.59-$2.66 billion. The adjusted operating income is expected in the range of $363-$404 million.Management’s guidance assumes consumer pressure, including inflation. It expects a certain shift in consumer discretionary spending from the jewelry category, indicating the pent-up demand for experience-oriented categories in fiscal 2023. Signet’s initiatives to lower supply-chain hurdles have been effective so far and management does not expect any considerable challenges in the inventory availability.3 Top Retail StocksWe highlighted three better-ranked stocks, namely Tecnoglass TGLS, GMS GMS and Wingstop WING.Tecnoglass, currently sporting a Zacks Rank #1, manufactures and sells architectural glass and windows, and aluminum products for the residential and commercial construction industries. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Tecnoglass’ current financial-year sales and earnings per share suggests growth of 40.5% and 76.4%, respectively, from the year-ago reported figures. TGLS has a trailing four-quarter earnings surprise of 26.9%, on average.GMS, a distributor of wallboard and suspended ceiling systems, currently sports a Zacks Rank of 1. GMS has a trailing four-quarter earnings surprise of 10.8%, on average.The Zacks Consensus Estimate for GMS’ current financial-year sales and EPS suggests growth of 10.8% and 10.2%, respectively, from the year-ago reported figures. GMS has an expected EPS growth rate of 10.7% for three-five years.Wingstop, which franchises and operates restaurants, currently carries a Zacks Rank of 1. The company has a trailing four-quarter earnings surprise of 5.8%, on average.The Zacks Consensus Estimate for Wingstop’s current financial-year sales and earnings per share suggests growth of 25.3% and 22.2%, respectively, from the year-ago reported numbers. WING has an expected EPS growth rate of 11% for three-five years. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Signet Jewelers Limited (SIG): Free Stock Analysis Report Tecnoglass Inc. (TGLS): Free Stock Analysis Report Wingstop Inc. (WING): Free Stock Analysis Report GMS Inc. (GMS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research