Signet Jewelers lowers outlook as Mother's Day sales disappoint

Key takeaways

  • Bookmark Jewelers cut forecasts on slow Mother's Day sales and consumer caution.
  • Retailer expects earnings and sales to be lower than expected in fiscal 2024.
  • CEO Drosos said negative effects of COVID shutdowns -19 still impact business.

Mother's Day was missed for Signet Joailliers (SIG). The operator of jewelry chains Zale's, Kay Jewelers and more has cut its full-year forecast in part due to weak Mother's Day sales.

Signet forecasts fiscal 2024 revenue in the range of $7.1 billion to $7.3 billion, down from its previous estimate of $7.67 billion at 7, $84 billion. He expects earnings per share (EPS) to be between $9.49 and $10.09, down from his previous forecast of $11.09 to $11.59.

CFO Joan Hilson has said the reduced outlook reflected “a recent deceleration in trends that persisted into the second quarter, including a softer-than-expected Mother's Day, mounting macroeconomic pressures on consumers to price more, and steeper competitive discounts.” #34;

CEO Virginia Drosos added that the pandemic still had a negative impact on his business, noting that there were fewer wedding engagements due to “COVID disruption of dating three years ago.” Dorsos said the company will now increase its cost reduction target to $150 million “while maintaining our strategic goals.”

Signet Jewelers shares have fell 9% on Thursday morning, even as the company reported first-quarter EPS and sales that beat analysts' expectations. />


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