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Holiday sales for Signet Jewelers sparkle

Bermudian-based Signet Jewelers Limited, the world's largest retailer of diamond jewellery, has reported preliminary total sales for the holiday season of $2.4 billion, up 30.4 per cent to last year.

The period covered is the nine weeks ended January 1.

Preliminary same store sales, which include physical store sales and e-commerce sales but not sales by subsidiary Diamond Direct, grew 25.2 per cent year over year and 35.1 per cent on a two-year basis, the company said.

E-commerce sales were up $52.1 million year over year and brick-and-mortar sales were up $499.9 million.

The company said its 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, Signet said.

Virginia C. Drosos, chief executive officer, said: "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 confident in our strategy and believe we are building sustainable advantages to continue to outpace growth in the jewellery 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."

In the company’s North America segment, total revenue was $2.2 billion, up 30.2 per cent to last year and up 33.1 per cent to two years ago.

E-commerce sales increased 17.7 per cent to last year and 85.4 per cent to two years ago, while brick-and-mortar sales increased 33.6 per cent to last year and 24.7 per cent to two years ago.

Same-store sales increased 24.8 per cent to last year and 37.8 per cent to two years ago.

Transactions rose 8 per cent to last year and average transaction value increased 16.3 per cent.

In Signet’s international segment, total revenue was $144 million, up 30.5 per cent to last year and down 3.6 per cent to two years ago.

E-commerce sales decreased 25.8 per cent to last year and increased 43 per cent to two years ago, while brick-and-mortar sales increased 69.7 per cent to last year and decreased 12.4 per cent to two years ago.

Same-store sales increased 31.3 per cent to last year and 6.2 per cent to two years ago.

Transactions rose 27.2 per cent to last year and average transaction value increased 2.2 per cent.

Signet operates approximately 2,800 stores primarily under the name brands of Kay Jewelers, Zales, Jared, H. Samuel, Ernest Jones, Peoples, Piercing Pagoda, JamesAllen.com, Diamonds Direct and the jewellery subscription service, Rocksbox.

Virginia C. Drosos, CEO of Signet Jewelers (File photograph)

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Published January 24, 2022 at 7:52 am (Updated January 24, 2022 at 7:52 am)

Holiday sales for Signet Jewelers sparkle

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