Skip to main content

Signet Jewelers Up as Sales Estimate Beats Expectations

Signet Jewelers' shares rise after the retailer's sales estimate exceeds analysts' expectations.
  • Author:
  • Publish date:

Signet Jewelers'  (SIG) - Get Signet Jewelers Limited Report fourth-quarter sales estimate beat Wall Street's forecast as the retailer's same-store sales increased and e-commerce surged.

Shares of the Hamilton, Bermuda, parent of 3,200 stores -- under the Kay, Zales, Jared and other brand names -- at last check were climbing 0.8% to $39.32.

Signet said on Thursday that fourth-quarter same-store sales increased 4% to 5% from the year-earlier period, ahead of the FactSet consensus estimate of a 1.8% increase. 

Total sales ranged from $2.1 billion to $2.12 billion, exceeding the FactSet consensus of $2 billion.

Preliminary holiday-season sales totaled $1.8 billion, unchanged from a year earlier, the company said, and same-store sales increased 5.6%.

Scroll to Continue

TheStreet Recommends

E-commerce sales grew 61% while brick-and-mortar-store sales dropped 4.1%.

As of Jan. 2, Signet said it had completed 355 of its planned 380 store closures this fiscal year.

Chief Executive Virginia Drosos said in a statement that "despite considerable macro hurdles, the Signet team delivered strong holiday performance." 

"Our results were driven by new digital and fulfillment capabilities, increasingly personalized and insight-based marketing, banner portfolio differentiation, and a strong merchandising strategy that included competitive newness and a strengthened core assortment -- all of which increased conversion, attracted new customers, and increased market share," Drosos said. 

Earlier this week, founder Jim Cramer commented on Signet, telling investors that Drosos has done "a fantastic job. You should let this one come in."

In December, the retailer posted stronger-than-expected third-quarter earnings.