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Signet sales almost double in the first quarter

International jewelery retailer Signet Jewellers Limited saw total revenue of $ 1.7 billion in the first quarter of Thursday, up 98.2% from $ 852.1 million in the year-ago quarter, driven by strong growth in North America.

Signet experienced particularly strong growth in North America in the first quarter-Instagram: @zalesjewelers

In the first quarter, which ended May 1, 2021, Keiju Ellers, Zales, Jared, H. Samuel, Ernest Jones Piercing Pagoda saw a 106.5% year-on-year increase in same-store sales.

In North America, same-store sales increased 117.2%, reflecting an increase in average transaction value of 15.2% and transaction volume of 90.0%. Existing-store sales in physical stores increased 118% in the region, while e-commerce sales increased 113.4%.

In the international segment of Signet, same-store sales fell 12.2%. This reflects a 5.8% increase in average transaction value, offset by a 16.6% decrease in the number of transactions. This is due to the mandatory closure of UK stores for 10 of the 13 quarterly quarters. International e-commerce sales increased 80%, while same-store sales at physical stores fell 40.9%.

Overall, Signet’s total e-commerce revenue was $ 346.3 million, up 110.3% year-over-year, while in-store existing store revenue was up 105.7%.

Signet’s net profit attributable to common shareholders was $ 129.8 million ($ 2.23 per diluted share) compared to a loss of $ 205.3 million ($ 3.96 per diluted share) in the year-ago quarter. )became.

“The jewelery category has achieved significant growth, but we have outpaced market growth and have a share that is consistent with our inspirational brilliance strategy,” Signet CEO Virginia C. Drosos said in a release. I will. “Specifically, we’re winning the biggest banner through consumer-inspired differentiation, with double-digit revenue growth in both Kay and Zales compared to this time two years ago. . “

Executives also emphasized the success of the company’s connected commerce strategy. This has improved conversion rates both online and in stores.

In the future, Signet currently expects to report $ 1.6 billion to $ 1.65 billion in revenue in the second quarter, reflecting an increase in same-store sales of 76% to 82%.

For the full year, we forecast sales in the range of $ 6.5 billion to $ 6.65 billion, reflecting upfront sales growth of 24% to 27%.

Signet has set its first corporate civil activity and sustainability report since the end of the first quarter, and the 2030 Corporate Sustainability Goal, a set of 44 goals including both human capital management and climate change goals. Announced.

Signet currently operates approximately 2,800 stores under various banners.

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Signet sales almost double in the first quarter

Source link Signet sales almost double in the first quarter

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