Why Signet Jewelers Soared Over 40% Thursday Morning
Shares of Signet Jewelers Limited (NYSE: SIG), a retailer of diamond jewelry with store brands that include Kay and Jared, among others, are soaring more than 44% Thursday morning after the company released strong holiday sales data and optimistic guidance.
Signet posted a number of bright spots in its holiday-season sales for the nine weeks ended Jan. 4, 2020. Same-store sales were up 1.6%, driven by North America's 2% increase in same-store sales. Arguably the brightest spot was e-commerce sales, which were up 13.5%, compared to brick-and-mortar same-store sales' 0.2% decline.
"We delivered holiday same store sales growth ahead of our guidance as we continued to implement year two of our Path to Brilliance transformation. Product newness, investments in our digital capabilities, and more targeted marketing campaigns drove both eCommerce and brick and mortar growth in North America," said Virginia C. Drosos, chief executive officer, in a press release.
Source Fool.com
