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Signet Ups Sales Outlook for Fifth Time

Dec 2, 2021 9:59 AM   By Rapaport News
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Signet Jewelers has increased its full-year forecast yet again following strong sales in the third fiscal quarter.

Revenue jumped 18% year on year to $1.54 billion in the three months ending October 30, the US retailer reported Thursday. Consumers reacted well to new merchandise and improved omni-channel options, the company explained.

“While uncertainties remain in the macro environment, our strategies are working, as evidenced by strong conversion rates and higher average transaction value,” said CEO Gina Drosos. “We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty.”

The company also succeeded in obtaining the necessary inventory in time for the holidays, ensuring no significant supply disruptions, Drosos said.

The Kay Jewelers banner saw a sales rise of 17% for a total of $573.4 million, while Zales jumped 16% to $291.9 million. Revenue at Jared increased 19% to $277.1 million.

Group sales of bridal jewelry advanced 14% to $698.2 million, with the fashion segment leaping 30% to $547.9 million. Net profit for the period soared to $92.6 million, compared with $9.3 million a year earlier.

With figures beating expectations, Signet upped its sales guidance to between $7.41 billion and $7.49 billion for the current financial year that runs through late January, translating to growth of up to 43%. Previously, the company predicted revenue of $7.04 billion to $7.19 billion for the period. It has now adjusted the outlook five times throughout the year.

Meanwhile, revenue during the important fourth fiscal quarter will rise by up to 13% year on year to between $2.4 billion and $2.48 billion, management predicted.

The upgrade reflected “enhanced connected-commerce capabilities and business momentum, which continued through Black Friday and Cyber Monday weekend,” added Joan Hilson, Signet’s chief financial and strategy officer.

Image: The Jared e-commerce site. (Signet Jewelers)
Tags: black friday, cyber monday, Jewelry, Rapaport News, retail, Signet, Signet Jewelers, US
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