Retailers

Signet Q2 revenues soar 101%

Same store sales during the 13 week period ended 31 July 2021 also climbed 97.4% year-on-year and 38.1% when compared to the same period in FY20

Signet Jewellers, the global diamond jewellery retailer, saw its Q2 FY22 sales soar 101% year-on-year to $1.79bn (£1.3bn).

Same store sales during the 13 week period ended 31 July 2021 also climbed 97.4% year-on-year and 38.1% when compared to the same period in FY20.

The group also reported a swing to operating profits of $225m (£163m) in the quarter, having made $89.7m (£64.9m) and $22.4m (£16.2m) operating losses in the second quarter of FY21 and FY20 respectively.

While Signet’s North American segment achieved the majority of its total sales at $1.65bn (£1.19bn), total international sales also grew 114% year-on-year to $131m (£94.8m).

In turn, the company has raised its Q3 FY22 revenue guidance from $1.26bn (£912m) to $1.31bn (£948m), and its FY22 from $6.8bn (£4.92bn) to $6.95bn (£5.03bn).

Virginia Drosos, CEO at Signet, said: “Our performance this quarter demonstrates that our banner value propositions, product newness, always-on marketing and connected commerce experiences are resonating with new and loyal customers. 

“We are raising our guidance for the year reflecting our business strength and confidence in our growth strategy while remaining cautious regarding the impacts of the macro environment, particularly in the fourth quarter.”

Joan Hilson, chief financial and strategy officer, added: “Our performance this quarter generated strong cash flow from operating activities as well as incremental cost savings. 

“Our cash position reflects the efficiency and focus of our now 3.5 years of transformation and provides for further investment as we remain focused on our capital priorities to invest in our growth strategy, progress toward our leverage goals, as well as return capital to shareholders.”

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