Retailers

Signet Q1 revenues spike 98.2% to £1.2bn

The group’s sales also outperformed its pre-pandemic levels, climbing over $250m (£177m) from $1.43bn (£1bn) in Q1 FY20

Signet Jewelers, the diamond jewellery retailer, saw its revenue spike 98.2% year-on-year to $1.69bn (£1.19bn) for the 13 weeks ended 1 May 2021 (FY22).

The group’s sales also outperformed its pre-pandemic levels, climbing over $250m (£177m) from $1.43bn (£1bn) in Q1 FY20.

Moreover, the group swung to a $168m operating profit, when compared to its $300m (£212m) operating losses seen in FY21.

Signet’s increase in revenues was driven by a 107% year-on-year jump in its North American sales for the period, while European revenues declined 11.6%.

Virginia Drosos, CEO at Signet, said: “Our strong first quarter results demonstrate the momentum we are building as we continue Signet’s transformation.

“We delivered strong performance across our portfolio. While the jewelry category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our Inspiring Brilliance strategy.”

Joan Hilson, chief financial and strategy officer at the company, added: “Even as we expect some current tailwinds from stimulus and slower than anticipated return to travel and experience spending to subside in the back-half of 2021, we are confident in our ability to deliver strong shareholder return and generate cash.  

“As such, our board has approved reinstatement of a common dividend in the second quarter.”

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