Why Signet Jewelers Stock Shined Today

Shares of Signet Jewelers (NYSE: SIG), a company that owns well-known chains like Zales, Kay, and Jared, soared on Thursday after releasing financial results for the first quarter of its fiscal 2022. In short, the company is growing sales dramatically and earning huge profits, exciting its shareholders. The stock finished up 14% for the session and even hit a 52-week high over $74 per share earlier in the day.

In the first quarter, Signet had sales of almost $1.7 billion. This was obviously better than the first quarter last year, considering brick-and-mortar outlets were closed for some of the quarter due to the pandemic. But the quarterly sales were up 18% from the same quarter two years ago. That's strong growth for a mature jewelry business.

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Source Fool.com