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Signet Misses Second Quarter Forecasts

Signet Jewellers Ltd. on Thursday reported fiscal second-quarter net income of $81.9 million.
Jewellery from Signet-owned Zales | Source: Zales
By
  • Associated Press

HAMILTON, Bermuda — Signet Jewellers Ltd. on Thursday reported fiscal second-quarter net income of $81.9 million.

On a per-share basis, the Hamilton, Bermuda-based company said it had profit of $1.06. Earnings, adjusted for non-recurring costs, came to $1.14 per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.47 per share.

The jewellery company posted revenue of $1.37 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $1.45 billion.

For the current quarter ending in November, Signet expects its per-share earnings to range from 17 cents to 25 cents.

Signet shares have dropped 23 percent since the beginning of the year. The stock has decreased 20 percent in the last 12 months.

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