Signet's Credit Outsourcing Disruption Continues, Affecting Holiday Sales; We Lower FVE to $69
We retain our no-moat, negative trend rating for Signet as it reported holiday sales, which saw continued disruption from credit operations outsourcing. We lower our expectations for fiscal 2019 sales from 1.2% growth to negative 0.2%, to factor in continuing credit sales declines at Sterling. This results in a decrease in our fair value estimate to $69 per share from $73.Zales has seen a pickup in sales, and a recent e-commerce acquisition also performed well; however, sales at Sterling (Jare...
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