Signet prelim holiday sales soar more than 30%

By

Benjamin Fitzgerald

Published
Jan 21, 2022

Signet Jewelers announced on Thursday preliminary sales figures for the all-important holiday season, revealing a more than 30% surge in total sales for the nine weeks ending January 1, 2022.

The Hamilton, Bermuda-based company said total sales for the holiday period reached $2.4 billion, up 30.4% on the same period last year, breaking a holiday season sales record for the American jewellery company.

​During the two months, Signet said preliminary same store sales grew 25.2% year-over-year and 35.1% on a 2-year basis. Online sales were up $52.1 million year-over-year and brick and mortar sales were up $499.9 million.

The company, which operates approximately 2,800 stores primarily under the banners of Kay Jewelers, Zales, Jared, Diamonds Direct, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, Rocksbox and JamesAllen.com, said all banners and merchandise categories were up double digits, supported by an increased marketing and labor spend that drove consumers in-store and allowed staffing levels to meet consumers' needs during the holiday season.

​"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."

By region, Signet's North America market revenue reached $2.2 billion, up 30.2% on last year and up 33.1% to two years ago. Online sales in the region increased 17.7% on last year and 85.4% on two years ago, while brick-and-mortar sales jumped 33.6%, compared to 2020, and 24.7% on two years ago.

Internationally, Signet saw a 30.5% jump in revenues on last year, to $144 million, which was a decline of 3.6%, compared to two years ago.

With ten shopping days remaining in the fourth quarter, Signet again lifted its fiscal 2022 guidance, announcing it now expects full-year sales to reach $7.78 billion, for a same store sales increase of 48%.

"We are confident in our strategy and believe we are building sustainable advantages to continue to outpace growth in the jewelry category, gain share and expand operating margin over time. Our Signet team is highly engaged, and I'm very proud of their agility, innovation and focus on accelerating our strategic initiatives and purpose," Drosos concluded.