0856 ET - Signet Jewelers shares are looking shinier following a 12% tumble Thursday, after the company narrowed its full-year guidance and reported declining sales in 3Q, CFRA analyst Ana Garcia says in a research note. There were plenty of imperfections in the report, Garcia says. Same-store sales declined 0.7%, an improvement from 2Q but still showing some drag from the company's online banners. Gross margin was flat at 36%, with mix benefits offsetting other pressures. And guidance reflects a slower recovery in engagements than expected and ongoing pressure with its online brands, Garcia says. But the analyst now sees a favorable entry point on the stock and upgrades it to a buy rating. Signet is up 1% premarket. (dean.seal@wsj.com)
(END) Dow Jones Newswires
December 06, 2024 08:56 ET (13:56 GMT)
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