HAMILTON, Bermuda – Signet Jewelers, the company behind Zale and Jared stores, reported better-than-expected earnings for the first quarter. But its revenue missed expectations and its shares fell almost 9 percent in afternoon trading Thursday.
The company reported a fiscal first-quarter profit of $146.8 million, or $1.87 per share.
Earnings, adjusted for non-recurring costs, came to $1.95 per share, beating Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.94 per share.
The Hamilton, Bermuda-based company posted revenue of $1.58 billion in the period, buy that was short of street forecasts. Three analysts surveyed by Zacks expected $1.6 billion.
For the current quarter ending in August, Signet expects its per-share earnings to range from $1.49 to $1.54. Analysts expected earnings of $1.53 per share, according to FactSet.
The company expects full-year earnings in the range of $8.25 to $8.55 per share. Analysts expected earnings of $8.41 per share, according to FactSet.
Signet shares have dropped more than 26 percent in the last 12 months.
Besides Zale and Jared, Signet other store brands include Kay Jewelers and Piercing Pagoda. All together the company has about 3,600 stores.
Shares of Signet Jewelers Ltd. fell $9.63, or 8.9 percent, to $98.74 in afternoon trading Thursday.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIG at http://www.zacks.com/ap/SIG
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Keywords: Signet, Earnings Report
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