Signet (SIG) trims revenue and adjusted operating income outlook for fiscal 2023 owing to the increased pressure on consumers' discretionary spending and a challenging macroeconomic landscape.
Signet Jewelers (NYSE: SIG), which owns brands like Kay and Jared, was losing its shine today after the company cut its guidance for the year and announced the acquisition of Blue Nile. The guidance cut seemed like the main reason for the slide today, though the acquisition may be the bigger long-term news. Adjusted operating income is expected to be approximately $192 million, within its guidance range but toward the lower end.
Signet Jewelers will acquire Blue Nile for $360 million in all cash, right before Blue Nile reached its deadline to file to go public via SPAC.