Signet Jewelers moves to a profit in Q4

Hamilton, Bermuda Signet Jewelers said Thursday it posted a profit of $117.2 million in the fiscal fourth quarter after a jump in January sales.

Its net income compared with a loss of $424 million for the same period a year ago.

For the full fiscal year, Signet earned $164.1 million, compared with a loss of $393.7 million in the prior year.

Signet operates 1,400 stores in the United States, including Kay Jewelers and Jared The Galleria of Jewelry.

The company said it will open stores at a slower rate this year and close fewer stores than last year, resulting in an overall decline in store space.