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Signet Enjoys Best Holiday Season Ever

Jan 20, 2022 10:24 AM   By Rapaport News
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Signet Jewelers’ holiday sales rose to record levels as the diamond retailer capitalized on the buoyant US consumer market.

Revenue jumped 30% year on year to $2.4 billion for the nine weeks ending January 1, the company reported in a trading update Thursday. Same-store sales — at branches open for at least 12 months — increased 25% compared with 2020 and grew 35% relative to 2019.

Greater spending on marketing and labor helped the retailer clinch store traffic earlier in the season and ensure enough workers were available, management explained. All store brands — including Kay Jewelers, Zales and Jared — and all product categories saw double-digit sales advances.

“We’re driving strong traction on our key initiatives, including our differentiated banner value propositions and a step change in connected-commerce [omni-channel] capabilities, allowing us to serve customers whenever and wherever they choose to shop with us,” said CEO Gina Drosos. “We are confident in our strategy and believe we are building sustainable advantages to continue to outpace growth in the jewelry category, gain share and expand operating margin over time.”

In the North America market, e-commerce sales climbed 18% year on year and soared 85% compared with two years earlier. Brick-and-mortar sales rose 34% year on year and gained 25% over 2019.

The jeweler, the US’s largest diamond retailer, raised its forecast for the current fiscal year running through the end of January 2022. It’s now predicting revenue of $7.78 billion, up 49% versus the previous year, which saw a sharp decline due to the Covid-19 pandemic. Same-store sales will go up 48% for the fiscal year, it projected.

Image: The interior of a Jared store. (Signet Jewelers)
Tags: COVID-19, e-commerce, Gina Drosos, Rapaport News, retail, Signet, Signet Jewelers, US
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