Signet Jewelers' shares dropped nearly -15% June 13th after mixed Q1 results, posting adjusted earnings of $1.11 per share and $1.51 billion in revenue.

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Analysts expected $0.85 per share and $1.52 billion. Management highlighted ongoing consumer pressure and increased discount activity.

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In the first quarter, Signet repurchased approximately 73,000 common shares at an average cost per share of $101.10, or $7.4 million.

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The company had a net debt of $(253.5) million as of May 4, 2024.

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“Our results reflect notable acceleration from a sluggish February to the top half of expectations, with an even stronger May…We expect continued momentum in the second quarter, leading to a positive same store sales inflection in the second half of Fiscal 25,” said Chief Executive Officer Virginia C. Drosos.

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