Signet Jewelers Limited (NYSE:SIG) Q3 2023 Earnings Call Transcript

Virginia Drosos: Sure. So I’ll take the Black Friday and later in the season. So both of those things are true. We saw encouraging results over Black Friday. As I mentioned, we saw omni traffic up double digits. So a lot of people in stores, but a lot of people online and we saw our online revenue up mid-single digits. So that was great that we see people buying at the time, but a lot of people we see browsing. And they’ll be waiting, we think, until later in the season, making sure they get the very best value that they can. We’re well positioned for that. We’re positioned with, I think, very strong merchandise offers, great newness, non-comps in digital experience, marketing, all of those things to drive closure of those customers. But at the beginning of our holiday season, especially with our highest ever Cyber Monday was encouraging.

Joan Hilson: And as we think about the sales equation, Paul, our conversions were relatively flattish. We mentioned we have a higher average transaction value but at a lower traffic, our transactions were down.

Operator: Those are all the questions we have time for today. So I’ll now turn the call back to management for any concluding remarks.

Virginia Drosos: Well, thanks, everyone. The point that I want to ensure that Joan and I have made this morning is that Signet is uniquely positioned to deliver consistent market share growth and value creation given our strong and growing leadership in jewelry, an attractive industry that tends to grow steadily from year-to-year and is more resilient to economic cycles than other retail industries. We’ve established our leadership position by strategically creating a virtual flywheel effect that is building positive momentum and growth that no other company in our industry is achieving. We’re raising the year integrating Blue Nile ahead of plan, continuing to deliver annual double-digit operating margin and maintaining the flexibility that comes with a strong, healthy balance sheet. We are ready for holiday and confident we can deliver the long-term growth to which we’re committed. Thank you, very much, and happy holidays.

Operator: Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.