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Signet Jewelers Tarnished by Questions on Accounting Practices

Signet Jewelers (SIG) was dealt another blow Thursday after James Grant's investment newsletter issued a bearish report on the company that raised questions about the company's business and accounting practices.

Shares of the Ohio-based jeweler have fallen 30% over the last year and were halted Thursday morning after they plunged nearly 12% as news of Grant's report spread. As trading resumed, shares recouped some of their losses by late morning and were down nearly 7% at the end of the day, then falling an additional 1% after hours to $91.62. Signet operates many mall-based jewelers such as Kay Jewelers, Piercing Pagoda, and Zale's.

The report came a week after Signet announced "record first-quarter earnings." Among the highlights of the report was a 20.4% increase in adjusted earnings per share to $1.95 from the year-ago quarter. Total sales also rose by 3.2% to $1.6 billion over the same...


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