Analysts expect Signet Jewelers (SIG) to post net sales of $2.1 billion in the fourth quarter, which implies a YoY decline of 6.5%. Signet’s top line is expected to take a hit from a decrease in comps. A drop in traffic owing to higher competition and increased promotional spending is likely to hurt Signet’s comps.
Signet’s legacy product line is expected to decline. Meanwhile, higher-than-expected credit costs are likely to remain a drag. Soft sales and pressure on margins from higher promotional investment are anticipated to hurt the bottom line of the company.
Analysts expect Signet to post adjusted earnings of $3.82 per share in the fiscal fourth quarter, which implies a YoY decline of 10.7%.
In comparison, rival Tiffany (TIF) posted mixed fourth-quarter results on March 22. The company’s top line missed analysts’ estimate and declined on a YoY basis, reflecting lower tourist spending. Meanwhile, earnings came in ahead of analysts’ estimate thanks to benefits from tax adjustments.
Rating and target price
Among the ten analysts covering Signet Jewelers stock, nine analysts suggest a “hold,” and one analyst has a “sell” recommendation. Analysts have a target price of $26.50 per share on SIG stock, which is on par with its closing price on March 22.
On March 25, at 6:44 AM EST, US crude oil prices have fallen by 6 cents since the close last week. Concerns about a recession might drag oil prices.
After opening on a bearish note on Wednesday, Tesla (TSLA) was trading with 4.8% losses for the day, near $195.25 at 1:16 PM ET.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.