2
Signet Jewelers, the parent company of Jared, Zales, and Kay Jewelers, reported disappointing holiday sales and lowered its fourth-quarter outlook on Tuesday, causing its shares to drop by more than 20%.
The company revealed that same-store sales for the 10 weeks ending January 11 fell by approximately 2%. Signet’s Chief Financial and Operating Officer, Joan Hilson, stated that “fashion gifting underperformed as consumers gravitated to lower price points even more than anticipated in a continued competitive environment.”
The weaker-than-expected performance during the peak holiday shopping days led to the cut in the company’s guidance. Signet’s shares tumbled 22% in response to the news.
Related topics: