US retail giant raises full-year guidance

US retail giant raises full-year guidance - Artificial Jewellery

US-based Signet Jewelers, the world’s largest retailer of diamond jewellery, has raised its full-year outlook after third quarter sales outperformed expectations.

Revenue reached $US1.58 billion ($AU2.35 billion) for the sales period ending 29 October, an increase of 2.9 per cent on the year-on-year comparison.

Signet previously projected sales of approximately $US1.46 billion ($AU2.18 billion) and CEO Virginia C. Drosos said the latest figures were proof that the company’s strategy was successful in an otherwise difficult to traverse economy.

“Our strong third quarter results exceeded guidance and evidence why we believe Signet is uniquely positioned to deliver consistent market share growth and value creation,” she said.

“Our financial strength and flexible operating model are enabling continued strategic investments that are widening our competitive advantages.

She added: “We have acquired 22.5 million new customers over the past five years, driving revenue and market share growth, and these customers are younger, more affluent and highly diverse with meaningful lifetime purchasing power.”

Signet owns Kay Jewelers, Zales and Jared and recently acquired Blue Nile. The company is now forecasting sales of $US2.59 billion to $US2.66 billion for the fourth quarter, which concludes in January.

Full-year revenue is projected to reach $US7.77 billion to $US7.84 billion. Last year’s sales totaled $US7.83 billion ($AU11.67 billion).

More reading
Drop in sales for Signet
Signet acquires retail rival for $US360 million
Signet Jewellers continues to exceed sales targets
Signet boycotts Russian diamonds, reveals huge revenue gains in 2022


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