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Same store sales rise 15.8% across North America as Signet Jewelers delivers Q3 results

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Signet Jewelers is claiming that its ‘Path to Brilliance’ strategy is paying dividends as global sales rose by 9.5% in the group’s third quarter, which ended on October 31.

The figure is somewhat flattered by store closures over the past 12 months that meant the remaining stores improved sales by 15.1%.

Ecommerce sales were $238.8 million, up 71.4%. Brick and mortar same store sales increased 6.8%.

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In North America, same store sales increased 15.8% reflecting quarterly shifts as previously mentioned. Average transaction value (“ATV”) increased by 0.5% while the number of transactions increased 14.3%.

Looking at the market more closely, eCommerce sales in the region grew 72.7% and brick and mortar same store sales grew 7.5%.

North America also continues to enhance its payment options to provide customers with a broad array of alternatives, including offerings across its digital platform.

Signet says it is seeing momentum in the use of new options like Affirm and Progressive leasing and went on to confirm that it now accepts Apple Pay and Google Pay to further accommodate customers’ shopping journeys.

“I’d like to express tremendous appreciation to our Signet team for their passion and strong execution of our Path to Brilliance strategy in the third quarter,” says Signet CEO Virginia Drosos.

“Our success came from a combination of factors including significant digital, product, and marketing innovations; our ability to capture pent-up demand as our stores reopened; and intentional efforts to capture early holiday shopping to help mitigate traditionally high in-store traffic days in December,” Ms Drosos continues.

“We believe our Path to Brilliance strategy is working, and we are making progress toward our goal of being the strongest omnichannel player in our industry. The strategic choices and investments we’ve made — in both people and technology — over the past three years have enabled us to accelerate our transformation. We believe we will emerge from the pandemic stronger and more united.  As we move to Q4, we recognize that the pandemic will continue to impact traditional in-store shopping behaviour. Equipped with new capabilities, Signet’s team is ready to meet our customers whenever and however they choose to shop this holiday and beyond,” she predicts.

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