Signet Raises FY2022 Guidance As Q3 Sales Soar

Signet Jewelers said total sales for its Q3 of fiscal 2022 that ended 30th October, 2021 rose 18% to $1.5 billion compared to Q3 FY21 and grew 29% compared to Q3 FY20. E-commerce sales in Q3 2022 were $273.1 million, up 14.4% versus Q3 FY21 and up 96.1% compared to Q3 FY20.

The jeweller said it is ready to meet holiday customer demand and raised its guidance to reflect business momentum, personalised digital experiences, new merchandise and same-day delivery.

Signet Chief Executive Officer Virginia C. Drosos said, “Consumers are reacting favourably to our refreshed merchandise assortment and the significant enhancements we’ve made to our Connected Commerce and fulfilment capabilities. Additionally, we’re happy to welcome Diamonds Direct to our team and look forward to their contributions to our Inspiring Brilliance strategy. Our data driven customer insights and planning helped us secure earlier receipt of our holiday assortment and ensure no significant disruptions to our supply chain or labour needs.”

Joan Hilson, Chief Financial and Strategy Officer, added, “As we look forward to the balance of the year, we are raising our Fiscal 2022 guidance to reflect enhanced Connected Commerce capabilities and business momentum which continued through Black Friday and Cyber Monday weekend.”

The company increased its revenue expectations for Fiscal 2022 to $7.41 billion to $7.49 billion compared to its previous guidance of $7.04 billion to $7.19 billion.

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