Signet Jewelers falls after annual revenue forecast below estimates

Signet Jewelers

20/03/2024 12:15

** Shares of diamond jewelry retailer Signet Jewelers
 SIG.N  down 7.3% at $95.00 premarket
    ** Co forecasts fiscal 2025 and Q1 total sales below
estimates on softer demand for big-ticket luxury purchases in
the U.S.
    ** SIG expects fiscal 2025 total sales between $6.66 and
$7.02 billion, below LSEG estimate of $7.17 billion
    ** Co also expects current total sales between $1.47 and
$1.53 billion vs LSEG estimate of $1.61 billion
    ** SIG expects annual same store sales to decline between
11% and 7%
    ** Announces cost saving initiatives, expected to return
$150 million to $180 million in cost savings this year
    ** Co raises share buyback program to $850 million from
about $650 million
    ** In 2023, stock rose ~57%

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))