Retailers

Signet welcomes ‘strong’ holiday trading

Its UK business reported a same store sales decline of 19.2% against last year, but this was partially offset by 92.8% growth in its UK e-commerce sales

Signet Jewelers has reported a period of strong trading over the holiday season, with total sales reaching $1.8bn (£1.3bn), flat to last year, in the nine weeks ended 2 January 2021. 

In the same period, same store sales improved 5.6% year over year. Meanwhile, e-commerce sales soared by 60.8% against last year, though Signet’s 2,866 brick and mortar stores were dented due to store closures, with sales down by 4.1%. 

Its UK business reported a same store sales decline of 19.2% against last year in light of the nationwide lockdown. Nonetheless, this impact was offset by 92.8% growth in its UK e-commerce sales.

In North America, same store sales rose by 7.8% in the period, while transactions rose by 4.4% and the average transaction value increased 1.6%. 

E-commerce sales meanwhile soared by 57.5%, while brick and mortar sales declined 0.8% on a same store basis.

Looking ahead, the group expects to see same store sales up by 4% to 5% in its fourth quarter, with total sales of $2.1bn (£1.53bn) to $2.12bn (£1.55bn). 

Virginia C. Drosos, CEO of the group, said: “Despite considerable macro hurdles, the Signet team delivered strong holiday performance – an achievement that demonstrates the power of our multi-year Path to Brilliance transformation strategy and the agility, innovation, and determination of our people.

“Our results were driven by new digital and fulfillment capabilities, increasingly personalized and insight-based marketing, banner portfolio differentiation, and a strong merchandising strategy that included competitive newness and a strengthened core assortment — all of which increased conversion, attracted new customers, and increased market share.” 

She added: “Our sales momentum coupled with strong profit generation are reflective of our team’s excellent execution and new ways to help our customers Celebrate Life and Express Love whenever and however they desire to shop.”

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