Signet Jewelers slump after FY revenue view below estimates

Signet Jewelers

20/03/2024 17:37

(Updates)
    ** Shares of diamond jewelry retailer Signet Jewelers
 SIG.N  down as much as 16% to over three-month low of $86.31
    ** Stock set for its worst day since Sept. 2022
    ** Co expects fiscal 2025 and Q1 total sales below estimates
on softer demand for big-ticket luxury purchases in the U.S.
    ** SIG forecasts fiscal 2025 total sales between $6.66 and
$7.02 bln, below LSEG estimate of $7.17 bln
    ** Also expects current total sales between $1.47 and $1.53
bln vs estimate of $1.61 bln - LSEG
    ** SIG expects annual same-store sales to decline between
11% and 7%
    ** Co raises share buyback program to $850 mln from about
$650 mln
    ** In 2023, stock rose ~57%

 (Reporting by Juveria Tabassum and Annett Mary Manoj in
Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com))