BUZZ-Signet Jewelers plunges after Q4 forecast cuts

** Shares of Signet Jewelers SIG.N down ~21% at $58.50 premarket

** Co cuts Q4 sales and operating income forecasts owing to tepid holiday demand as well as higher promotions hitting margins

** Expects quarterly sales to be in the range of $2.320 bln to $2.335 bln vs prior forecast of $2.38 bln to $2.46 bln

** SIG lowers Q4 same-store sales outlook; now expects it to be down 2.5% to 2% compared with previous year vs prior range of flat to 3% rise

** Expects adj. operating income to be between $337 mln and $347 mln compared with earlier forecast of $397 mln to $427 mln

** Fashion gifting underperformed as consumers gravitated to lower price points even more than anticipated in a continued competitive environment - CFO Joan Hilson

** SIG fell about 25% in 2024

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))