Why Signet Jewelers' Stock Was Down on Friday

After beginning the week with a 33% rise, shares of retailer Signet Jewelers (NYSE: SIG) gave some of those gains back on Friday amid a broad sell-off of retail stocks. The drop came despite Signet announcing plans to begin reopening stores over the next week.

Shares ended Friday at $9.08, down 9.7% from Thursday's closing price but still up 19.3% on the week.

Signet said on Friday that it will begin reopening some of its U.S. jewelry stores on Monday, as some state and local authorities begin to ease restrictions on nonessential businesses that were imposed in March to slow the spread of COVID-19.

Source Fool.com