Signet Raises Guidance After Strong Holiday Sales

FinancialsJan 20, 2022

Signet Raises Guidance After Strong Holiday Sales

The jewelry giant’s holiday season revenue was up 30 percent year-over-year.

Signet Jewelers had a merry and bright holiday season, with revenue up 30 percent to $2.4 billion year-over-year.
Akron, Ohio—Signet Jewelers upped its fiscal guidance following a strong holiday season.

The jewelry giant’s preliminary total sales for the nine weeks ending Jan. 1 clocked in at $2.4 billion, up 30 percent year-over-year.

Same-store sales were up 25 percent year-over-year and 35 percent on a two-year basis.

Holiday e-commerce sales were up $52.1 million year-over-year while brick-and-mortar sales were up nearly $500 million. Signet did not share the percentage change year-over-year.

All banners and merchandise categories posted double-digit growth, Signet said, and were supported by increased marketing and labor spend.

“We’re driving strong traction on our key initiatives including our differentiated banner value propositions and a step change in ‘Connected Commerce’ capabilities, allowing us to serve customers whenever and wherever they choose to shop with us,” said CEO Virginia C. Drosos in a press release about the preliminary results.

Signet has bolstered its e-commerce capabilities since the start of the pandemic, driving higher conversion rates and transaction values with the help of its virtual selling team.

It also upped its shipping capacity ahead of the holiday season and blended its in-store and online shopping experiences by introducing Buy Online Pick-Up In Store (BOPIS) and curbside delivery services.

In North America, revenue totaled $2.2 billion, up 30 percent year-over-year and up 33 percent on a two-year basis.

Same-store sales were up 25 percent year-over-year and up 38 percent on a two-year basis.

Signet includes physical and e-commerce sales in same-store sales, but not sales stemming from the newly acquired Diamonds Direct.

E-commerce sales in the region were up 18 percent year-over-year and up 85 percent on a two-year basis.

Brick-and-mortar sales were up 34 percent year-over-year and up 25 percent on a two-year basis.

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The number of transactions were up 8 percent year-over-year while the average transaction value was up 16 percent.

The international segment reported a rise in revenue and strong brick-and-mortar sales but struggled in e-commerce.

International revenue was up 31 percent year-over-year to $144 million, but down 4 percent on a two-year basis. Same-store sales were up 31 percent year-over-year and up 6 percent on a two-year basis.

E-commerce sales in the region sank 26 percent year-over-year but were up 43 percent compared with two years ago. Brick-and-mortar sales soared 70 percent year-over-year but fell 12 percent on a two-year basis.

The number of transactions climbed 27 percent year-over-year while the average transaction value was up 2 percent.

The company upped its fiscal guidance given its positive holiday performance, noting the growth has continued into January with sales in the high single digits, which it said is reflective of shifts due to earlier customer shopping in the quarter.

Fourth quarter revenue is expected to total $2.77 billion, up from its prior guidance of revenue between $2.4 billion and $2.48 billion. 

Same-store sales for the quarter are expected to reach 22 percent, far exceeding its prior guidance of 6 to 9 percent.

Full-year revenue is expected to be $7.78 billion with same-store sales of 48 percent, up from its prior guidance of revenue between $7.41 billion and $7.49 billion with same-store sales of 41 to 43 percent.

“We delivered operating margin expansion as our strategy drove higher traffic and strong conversion with effective promotion and cost management,” said Chief Financial and Strategy Officer Joan Hilson.

The company also announced a $500 million expansion to the remaining $184 million available under its existing share repurchase program. 

It will enter a $250 million accelerated share repurchase agreement and leave the remaining $434 million under its multi-year program.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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