Financials

Signet’s Q2 Sales Double Year-Over-Year

FinancialsSep 02, 2021

Signet’s Q2 Sales Double Year-Over-Year

The jeweler upped its fiscal year guidance yet again, with the Delta variant delaying the return of spending on travel.

20210902_Signet header.jpg
Signet Jewelers’ second-quarter sales were up 101 percent year-over-year, bolstered by strong growth both online and in-store.
Akron, Ohio—Signet Jewelers Ltd. saw second-quarter sales more than double year-over-year, encouraging the jeweler to up its guidance for the fiscal year yet again.

In the second quarter ending July 31, total sales were up 101 percent to $1.79 billion, with same-store sales nearly doubling, up 97 percent.

Compared to second quarter of fiscal 2020, pre-pandemic, sales were up 31 percent with same-store sales rising 38 percent. 

Year-to-date, Signet’s sales have totaled $3.48 billion, up 100 percent year-over-year.

Quarterly brick-and-mortar sales more than doubled, up 131 percent year-over-year in the second quarter and up 28 percent compared to before the pandemic. 

Online sales were up 25 percent year-over-year to $336.2 million. When compared with pre-pandemic levels, online sales more than doubled, up 114 percent.

“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,” Signet Jewelers CEO Gina Drosos said in a press release on its results.

There has been a growing concern in the retail sector that as pandemic restrictions lift, consumers will shift their discretionary spending away from goods back to travel and experiences. 

The rise of the Delta variant may be delaying that shift, Drosos said on the company’s earnings call Thursday morning.

The company’s research noted a growing concern about the Delta variant among younger, unvaccinated consumers, ages 18 to 49.

This group of customers feels more comfortable in malls or shopping centers than being on a plane, visiting a concert venue, or going to the spa, she said.

“We’re preparing to meet them wherever and however they want to shop with us across our connected commerce ecosystem, including online, curbside pickup, and same-day concierge delivery,” said Drosos.

“With travel and experiences taking a back seat, we’re advancing our flexible fulfillment options while also meeting customers’ desires to celebrate those closest to them with gifts of significance and lasting value.”

In North America, where Signet’s banners include Kay, Jared and Zales, second-quarter same-store sales nearly doubled year-over-year, up 98 percent, and were up 40 percent compared with before COVID.

Brick-and-mortar same-store sales in the region were strong, up 130 percent compared with last year and 29 percent compared with pre-pandemic levels. 

Online sales in the region were up 26 percent compared with last year and more than doubled, up 117 percent, when compared with before COVID.

In the U.K., same-store sales were up 95 percent compared with last year and 18 percent compared with pre-pandemic levels.

Brick-and-mortar U.K. sales surged 136 percent year-over-year, up 10 percent when compared with before COVID. E-commerce sales were up 10 percent year-over-year and up 82 percent compared with pre-pandemic levels.

Average transaction value slipped 5 percent while the number of transactions climbed 90 percent year-over-year.

Looking at sales by category, bridal climbed 70 percent year-over-year, while fashion jewelry sales were up 128 percent and watch sales climbed 116 percent.

Sales in the “others” category, which includes repairs, gifts, and other non-jewelry items, were up 158 percent year-over-year.

By banner, Kay Jewelers posted quarterly sales of $673.7 million, up 107 percent year-over-year while Zale’s quarterly sales were up 98 percent to $367.3 million.

Jared’s quarterly sales were up 85 percent to $311.9 million while Piercing Pagoda’s sales grew 134 percent to $138.7 million.

The kiosk-centric brand recently underwent a name change, now called Banter by Piercing Pagoda. As of Aug. 2, there were 200 Banter by Piercing Pagoda stores.

E-tailer James Allen posted quarterly sales of $108.8 million, up 69 percent year-over-year.

Looking at its store count, Signet expects to close more than 100 stores this fiscal year and open up to 100 stores, particularly “highly efficient” Piercing Pagoda locations.

So far this fiscal year, 33 stores closed and 37 opened.

Signet said it does not expect to see large-scale store closures related to COVID-19 again, but said it would close stores if the health and safety of its employees and customers were at risk.

For the fiscal year ahead, Signet upped its financial guidance, expecting revenue to reach $6.80 billion to $6.95 billion, compared with its prior guidance of $6.50 billion-$6.65 billion. 

Same-store sales are expected to grow 30-33 percent, up from its prior guidance of 24-27 percent.

Looking to the third quarter, revenue is expected to be between $1.26 billion and $1.31 billion with same-store sales in the range of down 3 percent to up 1 percent.

Signet’s updated guidance depends on a variety of factors, including the “magnitude and duration of COVID-19,” particularly the rise of the Delta variant, and the degree of the shift of consumer discretionary spending away from jewelry to more experience-based purchases.

 Related stories will be right here … 
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy