Signet Shares Fall 9% In Sympathy With Selloff Of Tiffany Shares

By Ciara LinnaneMarketsMarketWatch Pulse

Shares of retailer Signet Jewelers Ltd. fell more than 9% Wednesday to lead the S&P 500 decliners, falling in sympathy with Tiffany & Co. , which earlier posted weaker-than-expected sales. Tiffany reported better-than-expected profit for its fiscal first quarter. But the high-end jewelry retailer said revenue increased to $899.6 million from $891.3 million, below the FactSet consensus of $914.7 million, as weaker-than-expected sales in the Americas and Europe offset a bigger-than-expected rise in Asia-Pacific. Worldwide same-store sales fell 3%, missing the FactSet consensus of 1.6% growth. Tiffany shares slid 9.3% in early trade. The S&P 500 was flat.

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