Sparkling Signet goes into holidays with strong Q3
Bermudian-based Signet Jewelers Limited, the world’s largest retailer of diamond jewellery, has reported sales of $1.5 billion in the third quarter of fiscal year 2022.
That is an increase of more than $235 million from the third quarter of fiscal year 2021 and nearly $350 million from the same quarter in fiscal year 2020.
The company appears to have avoided supply-chain issues for the holiday season to ride its current momentum, capitalising on personalised digital experiences, new merchandise and same-day delivery to meet customer demand.
The company reported GAAP operating income of $106.9 million, up from $39.7 million in the third quarter of fiscal year 2021, and a loss of $39.9 million in the same quarter in fiscal year 2020.
Signet chief executive officer Virginia C Drosos said she was grateful to staff for their dedication, agility and excellent execution.
She said: “Consumers are reacting favourably to our refreshed merchandise assortment and the significant enhancements we've made to our connected commerce and fulfilment capabilities.
"While uncertainties remain in the macro environment, our strategies are working as evidenced by strong conversion rates and higher average transaction value.
“We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty.
“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."