Takeaways from the Key Notes
- Signet Jewelers stock plunged on Thursday following the retailer’s lower-than estimated quarterly results. The company also cut its projected full-year earnings.
- The world's largest diamond retailer blamed challenges of integrating Blue Nile and James Allen.
- J.K. Symancyk, the former CEO of PetSmart and Signet, replaced Virginia Drosos, who retired from Signet last month.
Signet Jewelers shares (SIG), which is the largest retailer of diamonds in the World, dropped 12% after posting lower than expected quarterly results. They also cut their full-year forecasts.
Visible Alpha’s analysts polled expected $1.37 billion in sales for the third quarter. The company that operates Kay Jewelers and Zales reported a drop of 3% from last year. Earnings per share (EPS) of $0.12 was barely a third of the projected $0.33.
Blue Nile Integration: James Allen CFO Highlights Challenges
It also reduced its guidance for fiscal year 2025. The company projected sales between $6.74 and $6.81 billion dollars, down from the previous forecast from $6.66 to $7.02 million, with adjusted earnings per share (EPS) ranging from $9.62 up to $10.08 from $9.90 – $11.52.
Chief Financial and Operating Officer Joan Hilson attributed the decision to lower the company's forecasts to "integration challenges in Blue Nile and James Allen, leadership transition costs, and the accretive impact from the early completion of preferred shares redemption."
Signet Chief Executive Officer (CEO) Virginia Drosos retired last month, and was replaced by J.K. Symancyk, previously PetSmart CEO.
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