Signet Ups Fiscal Guidance Following Strong Q1

FinancialsApr 13, 2021

Signet Ups Fiscal Guidance Following Strong Q1

The jewelry giant posted stronger-than-expected conversion rates and higher average ticket values in the first quarter.

Signet Jewelers has high hopes for the fiscal year ahead, upping its first quarter and full-year guidance.
Akron, Ohio —Signet Jewelers Ltd. forecasted a better-than-expected year ahead.

The jewelry giant raised its fiscal 2022 first quarter and full-year guidance, as per a recent 8-K filing.

The company upped its predictions after seeing stronger conversions and higher average ticket values in the first quarter than it initially expected.

Signet attributes the topline strength to tailwinds from the federal stimulus checks, tax refunds, and customer enthusiasm due to the COVID-19 vaccine rollout.

The company also held several guest appreciation events in late March.
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A COVID-19 surge in India raised concerns about inventory delays in the year ahead, but Signet said it has mitigated the short-term impact for now.

However, should the inventory slowdowns worsen, that could have an effect on its full-year guidance.

For the first quarter, revenue is expected to be between $1.57 billion to $1.60 billion, up from its previous guidance of $1.42 billion to $1.46 billion.

Full-year revenue is expected to be between $6 billion and $6.14 billion, up from its previous guidance of $5.85 billion to $6 billion.

Signet noted that “continuing uncertainty” related to the COVID-19 pandemic could have an effect on its guidance.

The jeweler has just begun the next stage of its turnaround program, dubbed “Inspiring Brilliance.”

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

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

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