Signet Jewelers saw a 29% jump in total sales to $2.8 billion for the fourth quarter that ended 29th January, 2022. The company’s Q4 brick and mortar sales of $2.3 billion, were up 34.6%, and e-commerce sales grew 9% to $556 million on a year-on-year basis.
“Thank you to our team for their dedication, agility and excellent execution again this quarter and throughout the past year. The investments we have made in our Connected Commerce capabilities and differentiated banner assortment and marketing have driven meaningful share gains, with all categories and all banners outpacing jewellery industry growth,” said Signet Chief Executive Officer Virginia C. Drosos.
“Despite a challenging macro environment ahead, we believe that we are well-positioned in partnership with our strategic suppliers. We’re confident in the sustainable competitive advantages we’ve built and our ability to leverage our enhanced infrastructure and scale to continue growing ahead of the jewellery industry.”
For the full Fiscal 2022, total sales shot up 50% to $7.8 billion, consisting of a 56% growth in brick-and-mortar sales of $6.3 billion, and a 28% jump in e-commerce sales of $1.5 billion. Signet also informed that it has suspended business interaction with Russian-owned entities since the beginning of the Russian invasion of Ukraine. The Signet Love Inspires Foundation donated $1 million to the Red Cross-Ukraine humanitarian relief efforts towards food, medical supplies, shelter and ongoing crisis relief.