Why Signet Jewelers Stock Dropped Today
Shares of Signet Jewelers (NYSE: SIG) fell 12% on Thursday after the diamond retailer warned investors that inflation was driving some consumers to pare back their spending on jewelry. The owner of brands like Zales, Jared, and Kay Jewelers saw its sales decrease by 1.9% year over year to $1.8 billion in its fiscal 2023 second quarter, which ended on July 30. Signet's same-store sales sank 8.2%.