Signet Jewelers Revenues Nearly Double As Same-Store Sales Surge

Signet Jewelers Revenues Nearly Double As Same-Store Sales Surge

June 11, 2021 at 03:52PM

Signet Jewelers, which runs about 2,800 retail locations under names like Jared, Zales and Kay Jewelers, reported as part of its Q1 fiscal year 2022 results that its revenue nearly doubled from last year, according to an announcement.

The diamond jewelry retailer reported that same-store sales were up approximately 107 percent from last year.

By region, Signet reported that North America same-store sales were up by approximately 117 percent, while brick-and-mortar same-store sales were up by approximately 118 percent and eCommerce sales expanded by approximately 113 percent.

Signet reported that international same-store sales fell by approximately 12 percent. Meanwhile, international eCommerce sales expanded by 80 percent, while international brick-and-mortar same-store sales fell approximately 41 percent.

All in, Signet posted $2.23 in non-GAAP earnings per share (EPS), swinging from a $1.59 loss per share in Q1 of fiscal year 2021.

“Our strong first-quarter results demonstrate the momentum we are building as we continue Signet’s transformation,” Chief Executive Officer Virginia C. Drosos said in the announcement.

The board of Signet decided to reinstate the dividend program on common shares and declared an 18-cent-per-share quarterly cash dividend for the second quarter of fiscal 2021, which is payable on Aug. 27 to investors on record on July 30.

As PYMNTS previously reported, Signet Jewelers bought the designer jewelry subscription company Rocksbox for an amount that was not made known. “Under CEO Meaghan Rose’s leadership, Rocksbox has revolutionized the jewelry rental subscription marketplace by delivering personalized, online and data-driven customer experiences for jewelry lovers who prioritize fashion, online convenience and sustainability,” Drosos said in an April announcement.

Rocksbox, which was established in 2012 in California, provides a monthly subscription box that lets members rent and swap exclusive jewelry offerings and designer trends. “I started Rocksbox to make it easy and fun for women to discover jewelry that they love – and that won’t change,” Rocksbox CEO and Founder Meaghan Rose said in the April announcement. “As a customer-first, data-driven and values-oriented company, we were selective about finding the right partner.”