U.S.-traded shares of jeweler Signet Group rose Wednesday as the market responded positively to its annual results.
For the year ended Feb. 2, Signet said its pretax profit fell 17 percent, to $333.5 million. Sales edged up 3 percent, to $3.67 billion, aided by an extra week in the fiscal year.
The U.K.-based company described 2007 as a difficult year, with an "unprecedented weakening in sales over Christmas." Signet said that in 2008, "like for like sales," or sales that exclude costs related to opening and closing new stores, are down slightly, including a 4-percent decrease in the U.S.
Citi Investment Research analyst Ben Spruntulis said Signet's early U.K. sales were better than expected, but he noted the company faces difficult comparisons later in the year.
The stock rose 98 cents, or 8.1 percent, to close at $13.16. Signet Group PLC trades as American Depositary Receipts, or ADRs, which are securities that allow U.S. investors to trade shares of companies based overseas.
In afternoon trading, the Bank of New York Europe ADR index slipped 1.10 points to 175.60.
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