Signet's online sales surged 70.5%, and the development momentum of jewelry e-commerce is positive

Signet reported strong fourth-quarter results and a better-than-expected full-year outlook on Thursday, with its chief executive saying the results reflected not only the company’s progress but also its potential for continued growth .

According to CNBC , in the quarter ended January 30, Signet's quarterly revenue was $2.19 billion, higher than Wall Street's expectations of $2.1 billion. In addition, comparable store sales increased by 7% this quarter , exceeding market expectations . In the fiscal year ended January 30, the company's sales were $5.2 billion.

Additionally, the pandemic has changed consumer behavior, causing a surge in online shopping sales and accelerating the shift of physical stores to digital . Signet has also experienced rapid growth in e-commerce sales, which surged 70.5 % in the quarter ended January 30 compared to the same period last year . In addition, Signet 's digital orders account for more than 23% of its total sales .

“I think we can continue to grow our online business,” Signet CEO Gina Drosos told CNBC. “ I’m very pleased to see that in the third and fourth quarters, even after the stores reopened, e-commerce sales were still up over 60%. ”

And Drosos also said that Signet is now a stronger company than it was three years ago, and that Signet is clearly more dependent on data, namely its growing digital sales and the success of targeted marketing.

As profits and sales rise in the fourth quarter, Signet's chief executive will set new goals for the company in an effort to gain more market share.

" Signet's momentum has continued into this quarter, and we've had a very strong first quarter so far," said Drosos . " We're up 16% quarter-over-quarter globally and up more than 20% in North America so far this quarter , and I think we're going to have very strong second quarter sales as well . "

In addition to this, the company also forecasts full-year sales of between $5.85 billion and $6 billion for its 2022 fiscal year.

Jewelry e-commerce

Signet

USA