- Shares of Signet Jewelers are down more than 25% after the company reported a big loss and warned on 2018.
- Same-store sales fell 5%, worse than the 2.9% drop that Wall Street was anticipating.
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Signet Jewelers craters 25% after issuing a warning for 2018 (SIG)
Same-store sales fell 5%, worse than the 2.9% drop that Wall Street was anticipating.
Shares of Signet Jewelers are crashing, down 25.24% at $56.70, early Wednesday after the company announced a big loss and warned on its business for 2018.
The jeweler reported a loss of $0.20 a share and said that same-store sales dropped 5% versus a year ago, far worse than the 2.9% drop that Wall Street analysts were expecting. Signet says the quarterly loss includes a $0.25 hit due to net transaction costs related to the first phase of strategic credit outsourcing and the R2Net acquisition, and a $0.10 hit due to weather-related incidents and credit outsourcing disruptions.
On an adjusted basis, the company earned $0.15 a share, topping the $0.13 that was anticipated.
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