Signet Shares Rise On Mixed Earnings Results

The sparkle is returning to Signet diamonds — at least in the eyes of investors.   The American jewelry company reported its fourth quarter fiscal year 2019 results Wednesday before the bell, reporting decreases on both top and bottom lines. Total sales for the period ending Feb. 2 fell 6 percent to $2.15 billion, down from $2.2 billion a year earlier. The company’s bottom line turned red: a loss of $116.2 million for the quarter, compared with gains of $343 million a year earlier. Same store sales, across the entire company’s portfolio, which includes jewelry brands Kay, Zales, Jared, Piercing Pagoda, James Allen and Peoples, fell 2 percent. The company’s one bright spot was Piercing Pagoda, where same store sales shot up 17.1 percent during the quarter. Meanwhile, in-store sales at Kay, Jared and James Allen were all in the red.    Even so, the results were better than expected and the stock ticked ahead nearly 2 percent Wednesday morning after the market opened.   “We made progress on our Path to Brilliance initiatives,” Virginia Drosos, chief executive officer of Signet, said in a statement, referring to the initiative that began in fiscal year 2019. “However, we did not finish the year as strongly

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