Signet Jewelers posted gains in Q4 sales and net income owing to its enhanced digital capabilities that enabled a seamless, efficient customer experience during the crucial holiday season.
For the Q4 of fiscal 2021 that ended 30th January, 2021, the company’s sales increased 1.5% to $2.2 billion, while same-store sales grew 7%.
Online sales accounted for nearly a quarter (23%) of total sales, and increased 70.5% compared to last year. Signet’s Q4 net income grew 36% year-on-year to $254.3 million.
“This quarter marked an important milestone for Signet as our team delivered a strong fourth quarter and third year of the company’s Path to Brilliance transformation,” said Virginia C. Drosos, Chief Executive Officer.
“Our company today is stronger: we’re more innovative, efficient, and digitally advanced. We are capitalising on our momentum as we move into the next phase of our growth strategy called ‘Inspiring Brilliance.’ It is focused on winning in our big banners, categories and countries; accelerating Services revenue; broadening our mid-market with expansion in the Accessible Luxury and Value segments; and accelerating Digital Commerce, all with an emphasis on leading innovation in the jewellery industry and growing the scope of Signet’s market. The cornerstone of this strategy will remain centered on our purpose of Inspiring Love and being a catalyst for positive change in our company, industry and community.”