- Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on the shares of Signet Jewelers Ltd SIG with a price target of $85.
- Signet will report first quarter results on Thursday, June 8, before the market opens.
- The analyst expects 1QF24 EPS of $1.45 versus. the consensus estimates of $1.49 and sales to decrease 11.3% Y/Y to $1.631 billion, as compared to the consensus forecast of $1.650 billion.
- Management has commented that given the challenging macro backdrop and ongoing inflationary pressures, SIG does not expect to see a rebound in the lower price point consumer, said the analyst.
- Also, the company’s digitally native banners (James Allen and Blue Nile) are anticipated to pressure margins until accretion is achieved in 3QF24, noted the analyst.
- While SIG did not provide a nearer-term guidance update at its investor day, the analyst is encouraged by management detailing the strategies that have helped stabilize SIG and weather the challenging macro landscape.
- The analyst remains cautious near-term given ongoing uncertainties in the consumer spending environment as macro headwinds persist in 2023, with a slow wedding market providing an extra hurdle.
- Also, the annual outlook appears more back-end loaded than the market had previously anticipated, which carries a bit more risk, in the analyst’s view, as the company’s Q1 sales and operating income guidance came in weaker than expected.
- Price Action: SIG shares are trading lower by 2.58% at $63.75 on the last check Monday.
SIGSignet Jewelers Ltd
$54.72-9.60%
Edge Rankings
Momentum14.56
Growth21.64
Quality97.71
Value87.78
Price Trend
Short
Medium
Long
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