Consumer
Signet Shares Fall After Outlook Cut on Weak Holiday Season
- Sales in the lead up to Christmas were lower than expected
- CEO says the company didn’t have enough lab-grown diamonds
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Signet Jewelers Ltd.’s shares plunged on Tuesday after a disappointing holiday season prompted the retailer to cut its sales guidance.
Signet now expects fourth-quarter comparable sales to drop 2% to 2.5%, compared with the earlier forecast that growth would be in a range of flat to positive 3%. The company sees total sales of $2.32 billion to $2.34 billion in the period, compared with its prior projection of $2.38 billion to $2.46 billion.