Signet stock soars, holiday e-commerce sales jump 60% year-over-year

/ / News

Signet Jewelers Ltd. shares rose 6.2% in Thursday trading after the retailer said holiday season sales are expected to beat the Street. Over the past year, the jewelry company’s stock has nearly doubled, up 95.3%, while the S&P 500 index has gained 16.3%. Chief Executive Virginia Drosos attributes the holiday season results to new digital capabilities that are part of a transformation strategy. E-commerce sales jumped 60.8% during the holiday shopping season, even as brick-and-mortar same-store sales fell 4.1%. According to data provided in a De Beers Group report published in November, 54% of respondents to a survey conducted with wedding company The Knot were thinking about an engagement ring more than the wedding or honeymoon, “supporting jewelers’ hypothesis that engagement ring sales were benefiting from reduced wedding and travel budgets in light of COVID-19 restrictions.” For the fourth quarter, Signet expects sales of $2.10 billion to $2.12 billion and same-store sales growth of 4% to 5%. The FactSet consensus is for $2.01 billion in sales and same-store sales growth of 1.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.