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

National Jeweler columnist Peter Smith
ColumnistsFeb 20, 2024
Squirrel Spotting: Life After Rolex

Peter Smith shares advice from independent jewelers who used losing this cornerstone brand as a catalyst for reinvention.

Neile Adams McQueen and Steve McQueen
AuctionsFeb 20, 2024
Jewels from Neile Adams McQueen Shine at Bonhams

All 13 lots belonging to the actress and first wife of Steve McQueen sold at the recent “California Jewels” sale.

Stuller bench jeweler
Events & AwardsFeb 20, 2024
Stuller to Host Bench Jeweler Workshop in March

Registration is also open for its “Battle of the Benches” challenge.

GIA id100
Brought to you by
Full Disclosure at Your Fingertips

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

Mary Ball Gorman of Henry B. Ball Jewelers
IndependentsFeb 16, 2024
Mary Ball Gorman of Henry B. Ball Jewelers Dies at 99

Gorman was an industry trailblazer, serving as the first female treasurer of Jewelers of America.

Weekly QuizFeb 15, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Jade Ruzzo gold and diamond Tennessee Torque necklace
CollectionsFeb 16, 2024
Piece of the Week: Jade Ruzzo’s Tribute to Tennessee

The movement of the 18-karat gold and diamond “Tennessee Torque” necklace is subtle.

Jared Goff and Claudia Cividino
MajorsFeb 15, 2024
Detroit Lions’ QB Jared Goff Going to Jared

Goff, whose fans hold up “He Went to Jared” signs at games, has signed a partnership with the retailer.

flashforge pic.png
Brought to you by
WaxJet: Revolution in Jewelry Manufacturing

The WaxJet 400, recognized as the world's fastest wax printer, is bringing in a new era of precision and efficiency to industry.

De Beers Venetia diamond mine
SourcingFeb 15, 2024
De Beers’ Production Down 8% in 2023

The company recovered 31.9 million carats of diamonds in 2023, compared with 34.6 million in 2022.

Gina D’Onofrio Heritage Auctions
AuctionsFeb 15, 2024
Heritage Auctions Names New Co-Director of Fine Jewelry

Industry veteran Gina D’Onofrio has rejoined the auction house.

Indian Diamond and Colorstone Association (IDCA) awards
Events & AwardsFeb 15, 2024
IDCA Hands Out Awards in Tucson

The association also celebrated its 40th anniversary.

A selection of engagement rings
TrendsFeb 14, 2024
5 Engagement Ring Trends for 2024

From three-stone rings to fancy shapes, experts weigh in on what consumers could be looking for this year.

Boucheron Power of Couture
CollectionsFeb 14, 2024
Boucheron’s New High Jewelry Collection Pays Homage to Ceremony, History

“Power of Couture” recalls Frédéric Boucheron’s love of fabric using diamonds and rock crystal.

Rough diamonds from Gahcho Kue diamond mine
SourcingFeb 14, 2024
De Beers’ Rough Diamond Sales Improve Slightly

The diamond miner and marketer said “solid” holiday sales in the U.S. helped stabilize the industry.

Jonker I Diamonds
SourcingFeb 14, 2024
‘100 Carats’ Exhibition Opens at LA Museum

A new display at the Natural History Museum of Los Angeles County features dozens of gemstones each weighing 100 carats or more.

Grand Seiko New York City flagship
WatchesFeb 14, 2024
See Inside Grand Seiko’s New NYC Flagship

Located on Madison Avenue, the store is its largest in the world.

GIA logo
GradingFeb 14, 2024
GIA Offering Discounts on Jade Reports

The 20 percent off promotion will run through March 31.

KIL Promotions NYC Spring Jewelry and Object Show
Events & AwardsFeb 14, 2024
KIL NYC Show Returns for Spring Edition

Its second trade event will feature vintage pieces and contemporary collections.

Lydia Courteille Lips ring
TrendsFeb 13, 2024
Amanda’s Style File: Symbols of Love

When it comes to Valentine’s Day jewels, the fun doesn’t stop at hearts.

Nana and Jennifer
Events & AwardsFeb 13, 2024
First Responders Win BIJC’s Second ‘Together by Design’ Contest

The couple won a bespoke engagement ring set with a 1.44-carat fancy yellow diamond and designed by Michael Hogan.

Claire’s The Collab campaign
MajorsFeb 13, 2024
Claire’s New Campaign Is for ‘Gen Zalpha’

Its new brand ambassadors, ages 7 to 17, will have some creative control over the ad campaign, called “The Collab.”

Arch Crown 2024 Tag & Label Catalog
MajorsFeb 13, 2024
Arch Crown’s 2024 Tag & Label Catalog Is Out

The book offers solutions for all retailers’ price tagging needs, the company said.

Muzo Private Collection royal orb
SourcingFeb 12, 2024
Muzo’s Collection of Shipwrecked Emeralds Makes US Debut

The three pieces, recovered from a 17th century shipwreck, are set with emeralds from Colombia’s Muzo mine.

Frank Adams Jewelers flagship
IndependentsFeb 12, 2024
Frank Adams Jewelers Moves to New Flagship

The fourth-generation family jeweler’s new store is twice the size of its previous location.

WJA logo
MajorsFeb 12, 2024
WJA Launches First Canadian Chapter

The association also announced WJA Toronto’s board of directors.

John Hardy Naga Dragon necklace
CollectionsFeb 09, 2024
Piece of the Week: John Hardy’s Reimagined Dragon

Creative Chairman Reed Krakoff has modernized one of the brand’s most well-known motifs ahead of the Year of the Dragon.

GIA logo
GradingFeb 08, 2024
GIA Helps Recover Stolen Diamonds

The lab identified the stones when an uninvolved diamond dealer sent them in for grading.


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