Signet Jewelers shares surge 8% premarket

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Signet Jewelers shares jump premarket after company posts smaller-than-expected loss and sales beat

Signet Jewelers Ltd. shares rose more than 8% in premarket trade Thursday, after the owner of discount jewelry chains including Kay, Zales and Jared posted a smaller-than-expected loss for its fiscal third quarter and sales that topped estimates. The retailer said it had a net loss of $43.7 million, or 84 cents a share, in the quarter to Nov. 2, after a loss of $38.1 million, or 74 cents a share, in the year-earlier period. The company’s adjusted per-share loss came to 76 cents, below the $1.04 FactSet consensus. Revenue fell to $1.187.7 billion from $1.191.7 billion, ahead of the $1.144 billion FactSet consensus. Same-store sales rose 2.1%, ahead of the FactSet consensus for a decline of 1.5%. The company is now expecting fiscal 2020 same-store sales to be down 1.7% to down 1.0%. It expects adjusted EPS of $3.11 to $3.29 and sales of $6.01 billion to $6.05 billion. The FactSet consensus is for same-store sales to fall 1.5%, EPS of $2.91 and sales of $6.02 billion. Shares have fallen 48% in 2019, while the S&P 500 has gained 24%.

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