Signet Jewelers’ profits sparkle
Bermudian-based Signet Jewelers Limited, the world's largest retailer of diamond jewellery, has reported annual sales growth of nearly 50 per cent as it announced fourth quarter and full-year results for the period ending January 29.
Signet had annual sales of $7.8 billion, up $2.6 billion or 49.7 per cent to last year, and up $1.7 billion or 27.5 per cent to fiscal year 2020.
Brick and mortar total sales were $6.3 billion, up 56.2 per cent to last year and up 17.2 per cent to 2020.
E-commerce sales were $1.5 billion, up 27.6 per cent to last year and up 101.4 per cent to 2020.
Signet reported fourth quarter sales of $2.8 billion, up $624.8 million or 28.6 per cent to last year and up $658 million or 30.6 per cent to 2020.
Brick and mortar sales were $2.3 billion, up 34.6 per cent to last year, and up 21.7 per cent to 2020.
E-commerce sales were $556 million, up 8.7 per cent to last year and up 85.4 per cent to 2020.
Signet chief executive officer Virginia C. Drosos said: "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.
“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."