Signet Jewelers, parent company of H Samuel and Ernest Jones in the UK, has revealed its financial standing for its fiscal third quarter.

For the three months up to 31 October 2021, total sales amounted to $1.537 billion (£1.157 billion).

This makes for an increase of nearly $250 million (£188 million) on last year, and is $350 million (£264 million) above 2019.

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After a $40 million (£30 million) loss in its third quarter fiscal 2020, it has now seen profits of $40 million (£30 million) and $107 million (£80.5 million) in its third quarters 2021 and 2022 respectively.

Signet chief executive officer, Virginia C Drosos, said: “Thank you to our team for their dedication, agility and excellent execution again this quarter.

“Consumers are reacting favorably to our refreshed merchandise assortment and the significant enhancements we’ve made to our ‘Connected Commerce’ and fulfillment capabilities.

“Additionally, we’re happy to welcome Diamonds Direct to our team and look forward to their contributions to our ‘Inspiring Brilliance’ strategy.

“While uncertainties remain in the macro environment, our strategies are working as evidenced by strong conversion rates and higher average transaction value.

“We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty.

“Our data driven customer insights and planning helped us secure earlier receipt of our holiday assortment and ensure no significant disruptions to our supply chain or labour needs.”

Meanwhile, Joan Hilson, chief financial and strategy officer, added: “As we look forward to the balance of the year, we are raising our fiscal 2022 guidance to reflect enhanced ‘Connected Commerce’ capabilities and business momentum which continued through Black Friday and Cyber Monday weekend.

“The operating margin improvement in our guidance represents the ongoing structural changes in our business model, which include fleet optimisation, transformation of financial services and significant cost savings.

“Collectively, these structural changes have enabled investments in marketing, talent and new capabilities while delivering more to the bottom line.

“Nonetheless, we remain cautious in our outlook for the balance of the year given uncertainties with COVID and the new Omicron variant, as well as potential shifts in consumer spending patterns.”

Find out more about H Samuel at its brand partner page in collaboration with Professional Jeweller below:

H. Samuel