By Connor Hart
Signet Jewelers shares tumbled more than 15% premarket after the retailer cut its quarterly outlook, prompted by a duller-than-expected holiday shopping season.
Executives said consumers shifted to lower-priced gifts this holiday season. Diamond prices slumped last year and consumers are increasingly opting for lab-grown diamonds.
-- Same-store sales fell 2% during the 10 weeks ended Jan. 11, reflecting peak selling days ahead of Christmas that missed expectations.
-- Signet now expects fourth-quarter revenue between $2.32 billion and $2.34 billion, down from a prior projection of between $2.38 billion and $2.46 billion.
-- Adjusted Ebitda is expected to come in between $381 million and $391 million, compared with a previous view for $441 million to $471 million.
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(END) Dow Jones Newswires
January 14, 2025 07:45 ET (12:45 GMT)
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