H Samuel and Ernest Jones owner Signet Jewelers has witnessed a 50% year-on-year total global sales growth in its ‘2022 fiscal year’, the full year ended 29 January 2022 (which will henceforth be referred to as 2021).
Total sales for 2021 were at nearly $8 billion (£6.35 billion) worldwide.
Elsewhere, income before taxes went from a loss of $89.7 million (£73 million) in 2020 to gains of $884.4 million (£717 million) in 2021.
CEO Virginia C Drosos revealed: “Fiscal 2022 was our opportunity to demonstrate that our confidence is well placed.
“We believe the results that Signet team members delivered did just that.
“We delivered total sales growth of nearly 50% with same-store sales growth of 48.5%.
“We grew every banner and every channel. eCommerce sales grew more than 27% and now represent nearly a fifth of total sales.
“This growth outpaced the market and enabled us to increase our US market share to 9.3%, a 270 basis point gain over the prior year.
“Signet is the largest player in a highly fragmented market and the investments we’ve made over the past four years are enabling us to grow share above and beyond the impact of scale alone.”
A breakdown of Signet’s sales by product category shows that it relies far more on watch sales in the UK than in the US.
Meanwhile, a geographical breakdown shows that the UK makes a fair contribution to Signet’s sales, with British business making up the majority of the ‘international’ column’s $492.4 million (£399 million).
Chairman of the board, H Todd Stitzer, wrote: “As I concluded my letter last year, I wrote that the company’s Inspiring Brilliance strategy was a commitment to aim even higher than what we had achieved through the Path to Brilliance transformation.
“The company achieved that higher goal this past year and continues to set its sights on superior performance that leads and helps shape the [jewellery] category.
“On behalf of the entire board and the leadership team, we
are committed to delivering the level of shareholder value
that this [organisation] is fully capable of delivering, and
which we know you expect and deserve.”
