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.
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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