After recently publishing what it described as “record-breaking Q4 and full fiscal year results”, Signet Jewelers has now taken a closer look at the data to provide a few more key insights from the report.
In a post on its website the self-proclaimed world’s biggest retailer of diamond jewellery has listed five key takeaways from the financial statement, which Professional Jeweller reported on here.
The parent company of H Samuel and Ernest Jones in the UK and Zales, Jared and Kay Jewelers in the US reported that revenue was up 50% and its share of the jewellery market had grown significantly too.
It began its list of insights by writing: “The results demonstrate how Signet is a stronger company in every facet as it heads into year two of its Inspiring Brilliance strategy.”
Meanwhile, its five key takeaways are as follows:
Growth across its banner portfolio
“Signet grew its U.S. market share to 9.3 percent, a 270 basis points gain over prior year. We grew share in every channel and every banner,” the retail titan wrote on its website.
It added that Signet is making its biggest brick-and-mortar investment in five years as customers come back to stores in 2022.
Progress at both ends of the mid-market
Put simply, its retailer brands in both the “value tier” and the “luxury tier” are overperforming.
It wrote: “With over $1.5 billion (£1.1 billion) in e-commerce sales, Signet Jewelers is now the largest online specialty jewellery retailer in the US. In fact, Signet has doubled e-commerce sales over the past two years.”
Despite its investment in brick-and-mortar the company is all too aware that customer journeys usually involve both online and in-store activity, and so it is not slacking on the e-commerce front.
“Signet’s goal is to grow jewellery services into a billion-dollar business, and we see high-potential areas such as repair, extended service agreements, and rewards,” it said.
The company believes that these services work to create return customers, a part of its client base that spends higher than new customers.
Taking a stand
Finally, the company wanted to emphasise that it has suspended all business with Russian-owned entities.
It wrote: “As a company whose purpose is ‘Inspiring Love’, Signet stands against the invasion and unprovoked war in Ukraine. As such, Signet has suspended all business interactions with Russian-owned entities since the beginning of the conflict.
“And, through the Signet Love Inspires Foundation, we have donated $1 million (£763,000) to the Red Cross to help provide food, medical attention and supplies within Ukraine as well as shelter for the millions of refugees fleeing the country.
“The Foundation is also providing a two-to-one match for Red Cross donations made by Signet’s generous team members. Signet will continue to look for additional opportunities to support the people of Ukraine.”