Industry / Retail

Signet Holiday Sales Soar 30.4% To Hit New Record


Signet Jewelers said overall sales for the holiday season soared 30.4% over last year to hit $2.4 billion, a new record for the company.

Holiday comps rose 25.2% over the prior year and 35.1% over 2019. Comps do not include Diamonds Direct, which Signet purchased in November, but Diamonds Direct’s numbers are included in total revenue. The holiday period is defined as the nine-week span that ended on Jan. 1, 2022.

The sales gains were “broad based with all banners and merchandise categories up double digits,” the company said in a statement.

The company also increased both its staffing and marketing, which boosted traffic early in the season and ensured it could handle consumer needs.

Total revenue for North America (the United States and Canada) was $2.2 billion, up 30.2% from last year and 33.1% from two years ago. E-commerce sales jumped 17.7% over last year and 85.4% from two years ago. Brick-and-mortar sales increased 33.6% over last year and 24.7% from two years ago.

North American transactions rose 8% over last year, and the average transaction value increased 16.3%.

Signet’s international (United Kingdom) division also did well, though not as well as its North American division. Its total revenue jumped 30.5% over last year but fell 3.6% from two years ago. Comps increased 31.3% over last year and 6.2% from 2019.

In the United Kingdom, e-commerce sales decreased 25.8% over last year, while brick-and-mortar sales rose 69.7%, showing a shift to in-person shopping.

Signet’s board has declared a quarterly cash dividend on common shares of $0.18 per share for the fourth quarter of fiscal 2022, payable Feb. 25. In addition, its board has increased its share repurchase authorization by $500 million to an aggregate amount of $684 million.

The company also upped its guidance again, for the sixth time over the last year.

“January sales have remained strong in the high single digits, reflecting some shifts due to earlier customer shopping in the quarter,” the company said.

Signet now predicts that revenue for fiscal 2022 (its current fiscal year ends Jan. 29) will hit $7.41 billion–$7.49 billion—bringing Signet closer to its target revenue goal of $9 billion.

Top: Jared, a banner in Signet’s North America division (photo courtesy of Signet Jewelers)

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By: Rob Bates

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