BUZZ-Signet Jewelers plunges after Q4 forecast cuts

Updates

Shares of Signet Jewelers SIG.N down as much as 20.2% at $59.10 - lowest since June 2023

If losses hold, stock set for worst day since March 2020

Co cuts Q4 sales and operating income forecasts owing to tepid holiday demand as well as higher promotions hitting margins

Expects quarterly sales to be in the range of $2.320 bln to $2.335 bln vs prior forecast of $2.38 bln to $2.46 bln

SIG lowers Q4 same-store sales outlook; now expects it to be down 2.5% to 2% compared with previous year vs prior range of flat to 3% rise

Expects adj. operating income to be between $337 mln and $347 mln compared with earlier forecast of $397 mln to $427 mln

Fashion gifting underperformed as consumers gravitated to lower price points even more than anticipated in a continued competitive environment - CFO Joan Hilson

SIG fell about 25% in 2024

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))