Shares of Signet Jewelers Ltd. tumbled 10.7% in premarket trading Thursday, after the diamond jewelry retailer provided downbeat sales and profit guidance,...
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.
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.
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