Signet Reports Record Holiday Season Sales; +30.4% To $2.4 Billion

Signet Jewelers said preliminary total sales for the Holiday Season (nine weeks that ended 1st January 2022) were $2.4 billion, up 30.4% to last year. Preliminary same store sales grew 25.2% year over year and 35.1% on a two-year basis.

E-commerce sales were up $52.1 million year over year and brick and mortar sales were up $499.9 million. The company’s strong Holiday Season sales were broad-based with all banners and merchandise categories up double digits. Increased marketing and labour spend supported consumer shopping behaviour, driving traffic earlier in the Holiday Season and ensuring staffing levels met consumers’ needs.

“Our team delivered record Holiday Season sales with revenue growth of more than 30% and same store sales up over 25%,” said Virginia C. Drosos, Chief Executive Officer. “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.”

“We are raising guidance to reflect our strong holiday performance,” said Joan Hilson, Chief Financial & Strategy Officer. “We delivered operating margin expansion as our strategy drove higher traffic and strong conversion with effective promotion and cost management.”

In North America, Signet’s e-commerce sales increased 17.7% to last year and 85.4% to two years ago, while brick and mortar sales increased 33.6% to last year and 24.7% to two years ago.

Its international e-commerce sales decreased 25.8% to last year and increased 43.0% to two years ago. Brick and mortar sales increased 69.7% to last year and decreased 12.4% to two years ago. The company now expects full-year revenue of $7.78 billion, which is higher than its previous guidance of $7.41 billion to $7.49 billion.

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