Signet Jewelers earnings for the first quarter of the fiscal year have SIG stock dropping lower on Thursday.

Signet Jewelers (NYSE:SIG) reports earnings per share of 8 cents for its first quarter of fiscal 2020. This is down from the company’s earnings per share of 10 cents from its first quarter of fiscal 2019. However, it comes in well above Wall Street’s losses per share estimate of 22 cents, but couldn’t stop SIG stock from falling today.

The Signet Jewelers earnings report for its first quarter of the fiscal year has net loss coming in at $10 million. This is much better than the company’s net loss of $496.60 million reported in the same period of the year prior.

Signet Jewelers earnings for its first quarter of fiscal 2020 also includes an operating loss of $2.60 million. That’s not near as bad as the company’s operating loss of $574.20 million from its first quarter of the previous fiscal year.

Revenue reported in the Signet Jewelers earnings release for its first quarter of the fiscal year comes in at $1.43 billion. This is a drop from the company’s revenue of $1.48 billion reported during the same time last year. Despite the drop, it still beats out analysts’ revenue estimate of $1.42 billion for the quarter, but SIG stock is still down today.

So what exactly has SIG stock down on Thursday? It likely has to do with the company’s outlook for its second quarter of fiscal 2020. Signet Jewelers is expecting earnings per share for the period to range from 23 cents to 30 cents. In comparison, Wall Street is looking for earnings per share of 36 cents for the quarter.

SIG stock was down 7% as of noon Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.