Signet's 70 per cent Surge in Online SalesMarch 22, 21
(IDEX Online) - Signet Jewelers has achieved the targets of its three-year turnaround plan it says, as it reported increased revenue in Q4 of 2020 and a 70 per cent surge on online sales.
The world's largest retailer of diamond jewelry achieved better-than-expected results and announced a new strategy - Inspiring Brilliance, which will focus on innovation and sustainable growth. It follows on from its Path to Brilliance recovery program.
The company, which has almost 2,900 retail outlets worldwide, also announced plans to cut $200m of costs over the next three years. It will reduce opening hours at some stores, shed staff and make savings in its supply chain.
Signet said overall sales were up 1.5 per cent year-on-year to $2.19bn for the quarter ending 30 January. Net profit was up 36 per cent to $254.3m.
"We've seen very strong sales to date in our first quarter," said CEO Gina Drosos (pictured). "Globally, we're up 16 per cent quarter to date. North America, that's over 20 per cent. I think we could also see that flow through into a strong second quarter."