Financials

Signet Raises Guidance After Strong Holiday Sales

FinancialsJan 20, 2022

Signet Raises Guidance After Strong Holiday Sales

The jewelry giant’s holiday season revenue was up 30 percent year-over-year.

2022_Signet Zales.jpg
Signet Jewelers had a merry and bright holiday season, with revenue up 30 percent to $2.4 billion year-over-year.
Akron, Ohio—Signet Jewelers upped its fiscal guidance following a strong holiday season.

The jewelry giant’s preliminary total sales for the nine weeks ending Jan. 1 clocked in at $2.4 billion, up 30 percent year-over-year.

Same-store sales were up 25 percent year-over-year and 35 percent on a two-year basis.

Holiday e-commerce sales were up $52.1 million year-over-year while brick-and-mortar sales were up nearly $500 million. Signet did not share the percentage change year-over-year.

All banners and merchandise categories posted double-digit growth, Signet said, and were supported by increased marketing and labor spend.

“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,” said CEO Virginia C. Drosos in a press release about the preliminary results.

Signet has bolstered its e-commerce capabilities since the start of the pandemic, driving higher conversion rates and transaction values with the help of its virtual selling team.

It also upped its shipping capacity ahead of the holiday season and blended its in-store and online shopping experiences by introducing Buy Online Pick-Up In Store (BOPIS) and curbside delivery services.

In North America, revenue totaled $2.2 billion, up 30 percent year-over-year and up 33 percent on a two-year basis.

Same-store sales were up 25 percent year-over-year and up 38 percent on a two-year basis.

Signet includes physical and e-commerce sales in same-store sales, but not sales stemming from the newly acquired Diamonds Direct.

E-commerce sales in the region were up 18 percent year-over-year and up 85 percent on a two-year basis.

Brick-and-mortar sales were up 34 percent year-over-year and up 25 percent on a two-year basis.

 Related stories will be right here … 

The number of transactions were up 8 percent year-over-year while the average transaction value was up 16 percent.

The international segment reported a rise in revenue and strong brick-and-mortar sales but struggled in e-commerce.

International revenue was up 31 percent year-over-year to $144 million, but down 4 percent on a two-year basis. Same-store sales were up 31 percent year-over-year and up 6 percent on a two-year basis.

E-commerce sales in the region sank 26 percent year-over-year but were up 43 percent compared with two years ago. Brick-and-mortar sales soared 70 percent year-over-year but fell 12 percent on a two-year basis.

The number of transactions climbed 27 percent year-over-year while the average transaction value was up 2 percent.

The company upped its fiscal guidance given its positive holiday performance, noting the growth has continued into January with sales in the high single digits, which it said is reflective of shifts due to earlier customer shopping in the quarter.

Fourth quarter revenue is expected to total $2.77 billion, up from its prior guidance of revenue between $2.4 billion and $2.48 billion. 

Same-store sales for the quarter are expected to reach 22 percent, far exceeding its prior guidance of 6 to 9 percent.

Full-year revenue is expected to be $7.78 billion with same-store sales of 48 percent, up from its prior guidance of revenue between $7.41 billion and $7.49 billion with same-store sales of 41 to 43 percent.

“We delivered operating margin expansion as our strategy drove higher traffic and strong conversion with effective promotion and cost management,” said Chief Financial and Strategy Officer Joan Hilson.

The company also announced a $500 million expansion to the remaining $184 million available under its existing share repurchase program. 

It will enter a $250 million accelerated share repurchase agreement and leave the remaining $434 million under its multi-year program.

The Latest

Sylvie Jewelry Auranova Collection Campaign Imagery
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Deborah Meyers Experience The Birds Earrings
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ Earrings

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Melee diamonds from De Beers
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid Uncertainty

The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.

ejap cohort 1872x1052.png
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs

Six new retail businesses were selected for the 2025 program, which began in January.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (1).jpg
Supplier BulletinApr 24, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Weekly QuizApr 24, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Wolf CEO Simon Wolf
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. Expansion

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

Iowa jeweler Herman Ginsberg
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Young Diamantaires
SourcingApr 24, 2025
Young Diamantaires Transition to Nonprofit

The organization also announced its board of directors.

Mined + Found "Hope" Matchbox Locket
TrendsApr 24, 2025
Amanda’s Style File: So Charming

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy