Shares of Signet Jewelers (SIG), the world's largest diamond retailer, plunged 12% Thursday after it posted lower-than-estimated quarterly results and cut its full-year projections.
The operator of Kay Jewelers, Zales, and Jared reported a 3% year-over-year drop in third-quarter sales to $1.35 billion, below the $1.37 billion consensus expectation of analysts polled by Visible Alpha. Earnings per share (EPS) of $0.12 was barely a third of the projected $0.33.
The company also lowered its fiscal 2025 guidance. It projected sales of $6.74 billion to $6.81 billion, down from its prior forecast of $6.66 billion to $7.02 billion, and adjusted EPS of $9.62 to $10.08, reduced from $9.90 to $11.52.
Chief Financial and Operating Officer Joan Hilson attributed the decision to lower the company's forecasts to "integration challenges in Blue Nile and James Allen, leadership transition costs, and the accretive impact from the early completion of preferred shares redemption."
Signet Chief Executive Officer (CEO) Virginia Drosos retired last month, and was replaced by J.K. Symancyk, previously PetSmart CEO.
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