Signet Jewelers’ first-quarter sales exceeded its expectations as its new strategy was resonating with consumers and delivering higher conversion rates and growth both online and in stores.
For the 13 weeks that ended 1st May, Signet’s total sales were $1.7 billion, up 98.2% year over year, and up 96.4% on a constant currency basis. Total same store sales increased 106.5% year over year. E-commerce sales were $346.3 million, up 110.3% from the prior year, while brick and mortar same store sales increased 105.7% year over year.
Virginia C. Drosos, Chief Executive Officer, said, “We delivered strong performance across our portfolio. While the jewellery category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our Inspiring Brilliance strategy. Specifically, we are winning in our biggest banners through consumer-inspired differentiation, as evidenced by double-digit revenue growth in both Kay and Zales versus this time two years ago.
“We are building a more innovative and agile culture with investments in talent, digital capabilities, newness in product assortment, and modern content and marketing channels that give us distinct competitive advantages. As I look ahead, I’m confident in our people and our strategy and believe 2021 will be another transformative year for Signet.”
Joan Hilson, Chief Financial and Strategy Officer, added, “We are entering this next phase of Signet’s transformation from a position of financial strength. Even as we expect some current tailwinds from stimulus and slower than anticipated return to travel and experience spending to subside in the back-half of 2021, we are confident in our ability to deliver strong shareholder return and generate cash.” This past quarter Signet Jewelers donated to the Gajera Charitable Trust to support Covid-19 relief efforts in India.