Signet Jewelers Stock Tumbles After Cutting Outlook on Soft Holiday Sales
4 minutes ago
Shares of Jared, Zales, and Kay Jewelers parent Signet Jewelers (SIG) plunged 22% Tuesday after the biggest diamond jewelry retailer cut its guidance on weak holiday demand.
Signet’s preliminary same-store sales for the 10 weeks ending Jan. 11 were down about 2%, pointing to “peak selling days leading up to Christmas that were below forecast,” Chief Financial and Operating Officer Joan Hilson said.
Hilson noted that “fashion gifting underperformed as consumers gravitated to lower price points even more than anticipated in a continued competitive environment.”
Hilson added that while merchandise margin was up, it rose less than expected because of “lower fashion mix and a stronger customer response to promotional items.”
Because of the results, Signet lowered its fourth-quarter sales estimate to $2.32 billion to $2.335 billion from the previous outlook of $2.38 to $2.46 billion. It sees same-store sales down 2.5% to 2.0%, reduced from the earlier prediction of flat to 3% higher.
Signet Jewelers shares sank to their lowest level since October 2022.
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BP Shares Fall on Forecast of Weaker Margins, Lower Production in Q4
1 hr 8 min ago
BP (BP) stock fell in early trading Tuesday after the British oil giant said it expects to book impairments of between $1 billion and $2 billion in the fourth quarter.
The company said in a fourth-quarter trading update that the “non-cash, post-tax charges” were attributable across its units.
It also said that its upstream production is expected to be lower than that in the third quarter, when output was 2.4 million oil-equivalent barrels per day. The firm also said it expects “weaker” fourth-quarter margins on its refining business.
BP’s U.S.-listed shares fell about 1% at the open, but have risen about 5% this year amid higher oil prices.
Stock Futures Rise After Soft PPI Print
1 hr 57 min ago
Futures contracts connected to the Dow Jones Industrial Average rose 0.4% in premarket trading on Tuesday.
S&P 500 futures were also up 0.4%.
Nasdaq 100 futures jumped 0.6%.