: Signet's stock falls after cutting revenue outlook, announcing 0 million purchase of Blue Nile #FinanceUSA #StockMarketNEWS Shares of Signet Jewelers Ltd. fell 1.9% in premarket trading Tuesday
@stockMarketNEWS Wed 10 Aug, 2022
Signet's stock falls after cutting revenue outlook, announcing 0 million purchase of Blue Nile #FinanceUSA #StockMarketNEWS
Shares of Signet Jewelers Ltd. fell 1.9% in premarket trading Tuesday after the jewelry retailer announced a deal to buy online retailer of fine diamonds and jewelry Blue Nile Inc. for 0 million in cash, and also cut its full-year earnings outlook as inflation weighs on consumer spending. The company said the acquisition of Blue Nile accelerates its efforts to expand its bridal offering and grow its luxury portfolio, as well as extend its digital offerings. The deal is expected to close in the third quarter of fiscal 2023, which ends in October. Separately, the company cut its second-quarter revenue outlook to .75 billion from .79 billion to .82 billion. For fiscal 2023, the company lowered its guidance ranges for revenue to .60 billion to .70 billion from .03 billion to .25 billion and for adjusted operating income to 7 million to 8 million from 1 million to 4 million. "We saw sales soften in July as our customers have been increasingly impacted by rapid inflation, so we're revising guidance to align with these trends," said Chief Executive Virginia Drosos. Signet's stock has slipped 1.0% over the past three months through Monday, while the S&P 500 has gained 3.7%.