Signet Jewelers, the renowned American jewelry company, has reported a significant surge in sales during the holiday season. The company announced that its total sales for the nine weeks leading up to January 1, 2022, amounted to $2.4 billion, marking a remarkable growth of 30.4% compared to the same period the previous year. This outstanding performance establishes a new record for Signet’s holiday season.
In Signet’s largest market, North America, revenue reached an impressive $2.2 billion, showcasing a growth of 30.2% compared to the previous year and an astounding 33.1% compared to two years ago. The company’s online sales also experienced a substantial increase of $52.1 million year-over-year, while brick-and-mortar sales soared by $499.9 million.
Preliminary figures from Signet reveal a remarkable year-over-year growth of 25.2% in same-store sales, with an even more impressive growth of 35.1% on a two-year basis. All categories of merchandise under the company’s banners experienced double-digit growth during this period. Such commendable growth can be attributed to Signet’s increased marketing efforts and investment in labor, which drove consumers to visit their stores and ensured sufficient staffing levels to meet customer demands during the holiday season.
Signet’s CEO, Virginia C. Drosos, expressed her utmost satisfaction with the company’s performance, emphasizing that the team accomplished record-breaking holiday season sales, with revenue growing by over 30% and same-store sales witnessing a growth of more than 25%. Drosos highlighted the success of their key initiatives, such as their unique value propositions across their different banners and their adoption of connected commerce capabilities, allowing them to serve customers across various shopping channels.
Regarding the company’s regional performance, Signet’s North America market experienced a revenue increase of 30.2% compared to the previous year and an impressive growth of 33.1% compared to two years ago. Online sales in the region witnessed a growth of 17.7% compared to the prior year and an astounding 85.4% compared to two years ago. Furthermore, brick-and-mortar sales displayed a substantial increase, with growth of 33.6% compared to 2020 and 24.7% compared to two years ago.
On the international front, Signet reported a 30.5% increase in revenues compared to last year, amounting to $144 million. However, when compared to two years ago, this reflects a slight decline of 3.6%.
Looking ahead, Signet has revised its fiscal 2022 guidance and now expects full-year sales to reach $7.78 billion, with a projected same-store sales increase of 48%. Drosos conveyed her confidence in Signet’s strategy and expressed belief in the company’s ability to sustain growth, gain market share, and improve operating margins in the jewelry category. She praised the agility, innovation, and focus on accelerating strategic initiatives and purpose demonstrated by the Signet team.
[Insert Link 1: Signet Jewelers’ official website](https://www.signetjewelers.com) [Insert Link 2: Signet Jewelers’ investor relations page](https://investors.signetjewelers.com/home/default.aspx)
