Why Signet Jewelers Stock Is Sinking Today
Shares of Signet Jewelers (NYSE: SIG) were down on Wednesday after a pessimistic note from a Wall Street analyst following the company's disappointing earnings report on Tuesday.
As of 12:30 p.m. EDT, Signet's shares were down about 9.7% from Tuesday's closing price.
Signet reported earnings yesterday, and they weren't great. While its adjusted loss of $1.59 per share was narrower than Wall Street had expected, its revenue in the quarter ending May 2 fell short of analysts' forecasts. Worse, the company said that it will permanently close 380 of its roughly 3,200 stores in the U.S. and U.K., reducing its store footprint by about 20% as part of a larger restructuring plan.
Source Fool.com
