Akron, Ohio —Signet Jewelers Ltd. forecasted a better-than-expected year ahead.
The jewelry giant raised its fiscal 2022 first quarter and full-year guidance, as per a recent 8-K filing.
The company upped its predictions after seeing stronger conversions and higher average ticket values in the first quarter than it initially expected.
Signet attributes the topline strength to tailwinds from the federal stimulus checks, tax refunds, and customer enthusiasm due to the COVID-19 vaccine rollout.
The company also held several guest appreciation events in late March.
Related stories will be right here …
A COVID-19 surge in India raised concerns about inventory delays in the year ahead, but Signet said it has mitigated the short-term impact for now.
However, should the inventory slowdowns worsen, that could have an effect on its full-year guidance.
For the first quarter, revenue is expected to be between $1.57 billion to $1.60 billion, up from its previous guidance of $1.42 billion to $1.46 billion.
Full-year revenue is expected to be between $6 billion and $6.14 billion, up from its previous guidance of $5.85 billion to $6 billion.
Signet noted that “continuing uncertainty” related to the COVID-19 pandemic could have an effect on its guidance.
The jeweler has just begun the next stage of its turnaround program, dubbed “Inspiring Brilliance.”
The plan includes growing services revenue, expanding its luxury and value segments, bolstering digital commerce, and utilizing its data.