Retailers

Signet Jewelers sales surge 49.7% to $7.8bn

Q4 brick and mortar sales surged 124.9% year-on-year to $141.9m (£108.24m), although this is down 10.4% compared to pre-Covid levels

Signet Jewelers Limited has announced its total sales surged 49.7% to $7.8bn (£5.95bn) in the 52 weeks ending January 29 2022 (FY22), up $2.6bn (£1.98bn) year-on-year and up 27.5% on a two-year basis.

For the full year, brick and mortar total sales grew 56.2% year-on-year to $6.3bn (£4.8bn) and 17.2% compared to FY20. Ecommerce sales also increased 27.6% to $1.5bn (£1.14bn) in FY22, which is up 101.4% from FY20, and same store sales increased 48.5% year-on-year and 34.5% from FY20.

Additionally, Signet recorded a 49% increase in sales in the 13 weeks ending January 29 2022 (Q4), up from $60.3m (£46m) to $183.4m (£140.67m). However, this is down $2.8m (£2.13m) or 1.5% compared to pre-Covid levels.

In Q4, brick and mortar sales surged 124.9% year-on-year to $141.9m (£108.24m), although this is down 10.4% compared FY20. Additionally, eCommerce sales were $41.5m (£31.65m) in Q4; this is down 30.8% year-on-year but up 48.7% from FY20.

Same store sales also grew 23.8% in Q4 compared to the same period in FY21, and up 35.4% from FY20.

Looking ahead, Signet said its fiscal 2023 guidance reflects “topline” performance that will outpace the market while also delivering a double-digit operating margin by leveraging sustainable advantages, notably fleet optimisation, inventory efficiency and an enhanced labour model.

Virginia C. Drosos, Signet chief executive officer, said: “The investments we have made in our Connected Commerce capabilities and differentiated banner assortment and marketing have driven meaningful share gains, with all categories and all banners outpacing jewellery industry growth.

“Despite a challenging macro environment ahead, we believe that we are well-positioned in partnership with our strategic suppliers. We’re confident in the sustainable competitive advantages we’ve built and our ability to leverage our enhanced infrastructure and scale to continue growing ahead of the jewellery industry.”

Joan Hilson, chief financial and strategy officer, added: “With a strengthened balance sheet and confidence in our team’s execution, we will continue prioritising investments that build sustainable competitive advantages and drive shareholder value. To that end, we’ve increased our capital spend for Fiscal 2023 as well as our quarterly common dividend.”

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