E-commerce Leads Signet's Post-Lockdown Recovery
September 07, 20
(IDEX Online) - Signet appears to be bouncing back, with an unprecedented $270m of e-commerce sales making up, in part, for the enforced closure of stores during lockdown.
The jeweler saw virtual sales up 72.1 per cent in the second fiscal quarter, compared with same period in 2019, as it served more than 300,000 customers via online consultations.
James Allen, Signet's e-commerce brand, was the only division that saw growth during the quarter.
During the same period bricks and mortar same store sales slumped by 46 per cent.
Signet, the world's biggest retailer of diamond jewelry, reported revenue down 35 per cent to $888m - a better-than-expected performance - but gross profit plunged 51 per cent to $224.3m.
Revenue at Kay Jewelers was down 39 per cent to $325m, at the Zales banner it dropped 34 per cent to $185.1m and Jared's sales were also down 34 per cent to $168.5m.
Total bridal sales across all brands was down 27 per cent to $445.9m.