Signet Jewelers Ltd. (NYSE:SIG) is the world’s biggest retailer of diamond jewelry. The company, founded in 1949, became a leading jewelry retailer through aggressive expansion and a series of acquisitions during its decades-long journey. It currently operates nearly 2,800 stores spread across the U.S., U.K, and Canada.
The Bermuda-based jewelry company recently announced strong financial results for the first quarter. Signet reported earnings of $2.23 per share for the three months ended May 1, versus a loss of $3.96 per share in the year-ago quarter. The company earned $2.23 per share on an adjusted basis, topping the consensus forecast of $1.27 per share.
Revenue came in at $1.69 billion, well above $852.1 million in the year-ago quarter. Analysts, on average, were expecting revenue of $1.62 billion. E-commerce sales in the quarter climbed 110.3 percent on a year-over-year basis to $346.3 million, while Brick and mortar comparable sales skyrocketed 105.7 percent.
Speaking on the results, CEO Virginia Drosos said in a statement, “We delivered strong performance across our portfolio. While the jewelry category is experiencing meaningful growth, we are outpacing market growth and gaining share consistent with our Inspiring Brilliance strategy. Specifically, we are winning in our biggest banners through consumer-inspired differentiation, as evidenced by double-digit revenue growth in both Kay and Zales versus this time two years ago. We are successfully beginning to stretch the top and bottom boundaries of the mid-market as Jared continues to grow at higher price points and in custom design, and Piercing Pagoda delivered its best quarter ever accessing more value inspired self-purchasing shoppers. Further, our Connected Commerce strategy is resonating, delivering higher conversion rates and growth both online and in-stores. And finally, we are building a more innovative and agile culture with investments in talent, digital capabilities, newness in product assortment, and modern content and marketing channels that give us distinct competitive advantages. As I look ahead, I’m confident in our people and our strategy and believe 2021 will be another transformative year for Signet.”
Looking forward, Signet is expecting revenue in the range of $1.60 billion to $1.65 billion for the second quarter. For the full year, it is anticipating revenue between $6.50 billion and $6.65 billion.
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