Financials

Online Sales Soar, Strengthening Signet’s Q4

FinancialsMar 18, 2021

Online Sales Soar, Strengthening Signet’s Q4

The jewelry giant saw e-commerce sales increase 71 percent year-over-year in its fourth quarter.

20210318_Signet header.jpg
Signet’s total sales rose 2 percent overall in the fourth quarter, but fell 15 percent for the full year.
Akron, Ohio—Signet Jewelers Ltd. posted a strong fourth quarter but the specialty jeweler’s full-year sales fell by double digits due to the COVID-19 pandemic.

In the fourth quarter ended Jan. 30, sales totaled $2.2 billion, up 2 percent year-over-year, with same-store sales climbing 7 percent, the retailer reported Thursday morning.

Brick-and-mortar sales were down 4 percent year-over-year while online sales climbed 71 percent, accounting for 23 percent of all sales.

Signet’s Buy Online Pick-Up In Store feature, or BOPIS, was up and running by the fourth quarter, noted CEO Virginia Drosos on an earnings call Thursday morning.

It was a popular choice, particularly among male customers ahead of the holidays.

Drosos noted high rates of customer satisfaction and on-time fulfillment with BOPIS, with 86 percent of orders picked up within three hours in December.

For the full fiscal year, Signet’s sales totaled $5.2 billion, down 15 percent year-over-year, with same-store sales sliding 11 percent.

 Related stories will be right here … 

As the vaccine rollout brings customers closer to normal, discretionary spending may shift to other categories, noted Signet on the earnings call.

The retailer said it will increase its marketing spending to continue to fuel momentum.

Drosos said the company is keeping its ear to the ground as to what consumers are interested in, looking into rental and subscription jewelry services as well as new designers.

In North America, where Signet’s banners include Kay, Jared and Zales, fourth-quarter same-store sales were up 10 percent.

The company noted particular strength in the bridal and fashion categories.

All U.S. banners reported same-store sales growth for the second consecutive quarter, noted Signet.

Brick-and-mortar same-store sales in North America were up less than 1 percent, while online sales rose 66 percent.

Average transaction value (ATV) inched up 1 percent while the number of transactions was up 10 percent.

For the full year, same-store sales were down 10 percent. Online sales were up 56 percent while brick and mortar sales declined 19 percent. ATV was flat to last year while the number of transactions fell 8 percent.


In the U.K., fourth quarter same-store sales fell 28 percent.

Brick-and-mortar sales plummeted 56 percent as e-commerce sales more than doubled, up 115 percent. ATV increased 6 percent while the number of transactions dropped 30 percent.

For the full year, same-store sales were down 25  percent. Online sales were up 81 percent while brick and mortar sales declined 42 percent. ATV was up 9 percent while the number of transactions fell 30 percent.

Following the third year of its Path to Brilliance transformation plan, Signet said Thursday it is moving into the next phase, “Inspiring Brilliance.”

The plan includes growing services revenue, expanding its luxury and value segments, bolstering digital commerce, and utilizing its data.

As for store count, Signet had 2,833 stores at the close of its fiscal year on Jan. 30, 375 fewer than the end of fiscal 2020. It closed 395 stores this fiscal year, which is FY21 for Signet.

The company is planning to close more than 100 stores and open more than 100 in stronger locations this fiscal year.

Signet has been optimizing its store footprint in recent years, moving away from low-performing malls to off-mall locations. It also has plans to add kiosks in underserved markets.

Looking ahead to fiscal 2022, the company expects to see first-quarter revenue between $1.42 billion and $1.46 billion while full-year revenue is expected to total between $5.85 billion and $6 billion.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Myne London
CollectionsJul 12, 2024
Myne London to Support Malala Fund

The emerald supplier will donate a percentage of sales from its “Star Power” earrings to the nonprofit in support of girls’ education.

The Jewelry Symposium logo
Events & AwardsJul 12, 2024
The Jewelry Symposium Is Looking for Speakers

TJS is seeking jewelry manufacturing and technology experts to speak at its 2025 event.

Sculptural Freeform Earrings
CollectionsJul 12, 2024
Piece of the Week: Marrow Fine’s ‘Sculptural Freeform’ Earrings

The earrings were inspired by the landscape at Joshua Tree and Jean Arp’s abstract sculptures.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Madeline Fraser Gemist
EditorsJul 11, 2024
Q&A: Gemist CEO Madeline Fraser on Jewelry Visualization Technology

Fraser shares why she decided to shift from a direct-to-consumer retailer to a B2B technology company.

Weekly QuizJul 11, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jewelers of America learning workshop Providence logo
Events & AwardsJul 11, 2024
JA to Host Next Learning Workshop in Providence

The one-day workshop will be held July 17 at the Rhode Island School of Design.

Jewelers International Showcase Logo Statue
Events & AwardsJul 11, 2024
Registration Now Open for JIS Fall 2024

The jewelry trade show will take place in Miami Oct. 6-9.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Kyle Kuzma, D’Angelo Russell, Jalen Green, Jaime Jacquez Jr., Kevin Love, Josh Hart, and Seth Curry
MajorsJul 11, 2024
David Yurman Names 7 NBA Players as Brand Ambassadors

The partnership reinforces David Yurman’s position as a leader in men’s jewelry, said the company.

U.S. Customs and Boarder Protection Paperwork
CrimeJul 10, 2024
US Customs Seizes $10M in Counterfeit Jewelry

Officers intercepted three packages within 24 hours containing fake goods claiming to be from various luxury brands.

Matturi Fine Jewelry totem jewel
Events & AwardsJul 10, 2024
IAC’s Gold and Diamond Conference to Focus on ‘Expanding Horizons’

The 14th annual conference will host panels on cross-sector collaboration, industry sanctions, and more.

Immediate Connections
Events & AwardsJul 10, 2024
Women’s Art Center of the Hamptons to Host Jewelry Exhibition

“Immediate Connections” will be on view from July 18-21.

Navneet Gems salt & pepper sapphires
SourcingJul 10, 2024
Navneet Gems Launches Salt-and-Pepper Sapphires

Sourced from Tanzania, the stones feature a unique hematite inclusion.

Buccellati butterfly brooch
TrendsJul 10, 2024
Amanda’s Style File: Slither and Fly

Snakes, birds, and bugs are all the buzz this summer.

Peter Smith
ColumnistsJul 09, 2024
11 and ½ Thoughts on Leadership

From prioritizing “big rocks” to practicing transparency, Peter Smith explores what it takes to be an effective leader.

John Hardy bracelet and Wölffer Estate Summer in a Bottle rosé
CollectionsJul 09, 2024
John Hardy Toasts to Wölffer Estate With New Collection

The capsule collection is inspired by the Hamptons vineyard’s Summer in a Bottle rosé.

Fuli Gemstones peridot The Curious Gem
SourcingJul 09, 2024
The Curious Gem Now Carrying Fuli Peridot

The U.K.-based online supplier will offer calibrated stones under 1 carat.

Graff’s fancy yellow and white diamond necklace
CollectionsJul 09, 2024
See Graff’s New High Jewelry Creations

The jewels are inspired by modern architecture with a focus on the play of light and movement.

Ravi Bhansali and Isidore Mörsel
SourcingJul 08, 2024
AWDC Re-Elects Isidore Mörsel as Board President

Ravi Bhansali has been elected vice president.

Tiffany Stevens
GradingJul 08, 2024
IGI Names Tiffany Stevens to Lead North American Business

Stevens, the former CEO of the Jewelers Vigilance Committee, will succeed Avi Levy.

Michael Richards and Clayton Bromberg of Underwood’s
IndependentsJul 08, 2024
Underwood’s Appoints Michael Richards as President

Clayton Bromberg will remain as chairman of the Florida jeweler.

Yale Peabody Museum quartz sandstone concretion
SourcingJul 08, 2024
Yale Peabody Museum to Reopen Hall of Minerals

The Connecticut museum will unveil the newly renovated galleries on July 9.

Neiman Marcus Fort Worth Texas
MajorsJul 05, 2024
Saks Fifth Avenue Owner to Acquire Neiman Marcus

The deal is valued at $2.65 billion.

Cece Jewellery Insignia Medallion
CollectionsJul 05, 2024
Piece of the Week: Cece Jewellery’s ‘Insignia’ Medallion

Spin the medallion’s diamond arrow to find out your fate.

SourcingJul 05, 2024
Lucara Names New VP of Mineral Resources

Lauren Freeman, a Ph.D. with more than 25 years of experience in mining, has joined the company.

2004 case.png
Supplier BulletinJul 03, 2024
CASE Awards: Celebrating Creativity & Craftsmanship for 30 Years

Sponsored by Jewelers of America

Sissy’s Log Cabin William Jones IV
IndependentsJul 03, 2024
William Jones IV Promoted to President of Sissy’s Log Cabin

The third-generation leader succeeds Lamar McCubbin, who resigned last month after 11 years in the role.

×

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