Signet Jewelers Limited (SIG) stock fell 2.5% today after the global jewelry retailer announced earnings for the third quarter of the fiscal year 2022.
Total sales were $1.5 billion, an increase of more than $235 million from the third quarter of last year, and nearly $350 million from the same period in 2019.
The company reported diluted EPS of $1.45, up from $0.02 in the third quarter of last year.
Increasing Consumer Demand
Signet experienced strong sales growth across all segments of their business in the third quarter.
Q3 same-store sales jumped 18.9% from the same period last year, while brick-and-mortar store sales increased 20.3% year-over-year.
eCommerce sales also rose to $273.1 million, up 14.4% year-over-year.
Signet CEO Virginia C. Drosos commented, "While uncertainties remain in the macro environment, our strategies are working as evidenced by strong conversion rates and higher average transaction value."
"We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty."
Higher Guidance
Signet also announced that it is raising its fiscal year 2022 guidance due to "Connected Commerce capabilities and business momentum which continued through Black Friday and Cyber Monday weekend."
Joan Hilson, Chief Financial and Strategy Officer, commented, "The operating margin improvement in our guidance represents the ongoing structural changes in our business model, which include fleet optimization, transformation of financial services and significant cost savings."
Unlike other competitors in the industry, Signet stated that it experienced no significant disruptions to its supply chain or labor needs.
The company attributed this to its data-driven customer insights and planning, which helped the company secure earlier receipt of its holiday assortment.
