Shine’s Off Signet Jewelers Despite Earnings Beat, Better Outlook By Investing.com

  • 9 months ago
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© Reuters.

By Christiana Sciaudone

Investing.com —  Diamonds may be forever, but can they sparkle via Zoom? 

Maybe not so much. Signet Jewelers (NYSE:) sales fell more than 30% in the fiscal 2021 second quarter. 

The stock fell almost 5% on Thursday, in line with the broader market sell-off.

The news wasn’t even so bad, with the world’s largest retailer of diamond jewelry reporting a loss per share of $1.13 versus the expected loss of $1.95 on sales of $888 million, compared to the estimated $822 million.

The outlook’s not terrible, either. While same-store sales for the quarter fell 31%, they started to turn positive late in the period, the company said in a statement. 

“Momentum has continued into Q3 with preliminary August same store sales of 10.9% and eCommerce growth of 65.2%,” said Chief Executive Officer Virginia C. Drosos.

 

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