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Signet Jewelers Stock Is Surging on Strong Earnings, Fewer Mall Locations
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Signet Jewelers stock popped Wednesday after it reported strong fourth-quarter earnings, and said it would be closing more than a tenth of its mall locations to better allocate dollars for real estate. Signet, which owns online brand Blue Nile and mall staples including Kay Jewelers and Jared among others, posted fiscal fourth-quarter adjusted earnings per share of $6.62 on sales of $2.4 billion. Both metrics beat consensus estimates for earnings per share of $6.25 on sales of $2.3 billion, according to FactSet.
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