Signet Jewelers stock falls more than 10% after profit and sales guidance misses expectations
Shares of Signet Jewelers Ltd. (SIG) tumbled 10.7% in premarket trading Thursday, after the diamond jewelry retailer provided downbeat sales and profit guidance, as consumers continue to shift away from discretionary spending amid macroeconomic challenges. The company said it was raising its cost-cutting target by $150 million as it deals with the "dynamic retail climate." Signet said it expects fiscal second-quarter sales of $1.53 billion to $1.58 billion, below the FactSet consensus of $1.75 billion. For fiscal 2024, the company expects earnings per share of $9.49 to $10.09, below the FactSet consensus of $11.11, and projects sales of $7.10 billion to $7.30 billion, which is below expectations of $7.73 billion. For the fiscal first quarter, EPS excluding nonrecurring items fell to $1.78 from $2.86 but topped the FactSet consensus of $1.49; net sales fell 9.3% to $1.67 billion, above expectations of $1.65 billion; and same-store sales dropped 13.9% to miss expectations of a 12.6% decline. The stock has gained 2.2% year to date through Wednesday, while the S&P 500 has advanced 11.2%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
06-08-23 0819ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
After Earnings, Is Coke Stock a Buy, a Sell, or Fairly Valued?
-
Disney Earnings: Improved Streaming Results Come at the Expense of Continued Linear Weakness
-
Apple: We Expect New Models and New Chip to Spur Return to iPad Growth
-
Palantir Earnings: AI Platform Drives Strong Start to 2024
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes