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Signet Stock Soars to Best Day in 27 Years Following Strong Holiday Results

Digital sales led the way.

Published

6 years ago

January 19, 2020

INSTORE Staff

Signet Jewelers Ltd.’s share price soared on Thursday in the wake of strong holiday sales.

The stock saw it’s largest single-day gain in 27 years, climbing more than 40 percent, MarketWatch reports. It closed at $30.13 per share.

Signet (NYSE: SIG) on Dec. 5 predicted that same-store sales for its fourth-quarter, which ends in January, would be down between 2 percent and 4 percent compared to the same period a year ago.

But strong holiday sales prompted the retailer, whose brands include Jared, Kay Jewelers and Zales, to raise its guidance. It’s now predicting that same-store sales for the quarter will be up 0.1 percent.

Digital sales have been particularly strong. For the nine weeks ending Jan. 4, they were up 13.5 percent compared with the same period a year ago. Brick-and-mortar sales were down 0.2 percent.

“Product newness, investments in our digital capabilities, and more targeted marketing campaigns drove both e-commerce and brick and mortar growth in North America,” Signet CEO Virginia Drosos was quoted saying.

Read more at the MarketWatch

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