Signet Jewelers plunges after Q4 forecast cuts

Signet Jewelers

14/01/2025 12:16

** Shares of Signet Jewelers  SIG.N  down ~21% at $58.50
premarket
    ** Co cuts Q4 sales and operating income forecasts owing to
tepid holiday demand as well as higher promotions hitting
margins
    ** Expects quarterly sales to be in the range of $2.320 bln
to $2.335 bln vs prior forecast of $2.38 bln to $2.46 bln
    ** SIG lowers Q4 same-store sales outlook; now expects it to
be down 2.5% to 2% compared with previous year vs prior range of
flat to 3% rise
    ** Expects adj. operating income to be between $337 mln and
$347 mln compared with earlier forecast of $397 mln to $427 mln
    ** Fashion gifting underperformed as consumers gravitated to
lower price points even more than anticipated in a continued
competitive environment - CFO Joan Hilson 
    ** SIG fell about 25% in 2024

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))