Signet Q2 Sales -35% to $888 Million, But E-commerce Sales Up 72%

Signet Jewelers Limited, the world’s largest retailer of diamond jewellery, said its total sales for the Q2 that ended 1st August, 2020 were down 35% year-on-year to $888 million. E-commerce sales were $270.1 million, up 72.1%, while brick-and-mortar same-store sales declined 46%.

“Sales improved sequentially throughout the second quarter as we reopened stores and remained agile and innovative in these unprecedented times. During the quarter, we also scaled our new virtual selling model, improved our merchandise assortment, and enhanced our targeted digital marketing to a strong consumer response,” said Virginia C. Drosos, Chief Executive Officer, Signet Jewelers.

“While same store sales were down 31.3% in the quarter given store closures, same-store sales turned positive in late Q2 as we reached scale on store re-openings while driving high double-digit growth in e-commerce. Momentum has continued into Q3 with preliminary August same-store sales of 10.9% and e-commerce growth of 65.2%.”

In response to the impact of Covid-19, the company accelerated its omni-channel transformation while focusing on cash preservation. Signet further invested in ‘digital-first’ initiatives, including new virtual selling capabilities. The company implemented a full-time virtual selling team, as well as empowered more than 15,000 store associates to engage with customers via virtual selling from their homes or in their respective stores. In the second quarter, Signet served more than 300,000 customers through virtual consultations which achieved higher than historical conversion rates.

The company currently has more than 90% of its total locations open. Signet has closed 293 of the previously announced 380 stores in this fiscal year’s footprint optimisation effort.

Photo courtesy: © Signet Jewelers Ltd./Newscast

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