Signet CEO Hails "Tremendous" Digital Opportunity
September 09, 20
(IDEX Online) - Signet boss Gina Drosos says the company's much-improved digital performance is a "tremendous opportunity" to attract customers and increase market share.
Last week the jeweler reported e-commerce sales leapt to 72.1 per cent in the second fiscal quarter, accounting for a record $270m revenue.
In an earnings conference call the CEO said the company had already trained over half its retail staff to use virtual selling tools from store or from home and would be expanding its digital offering by promoting its e-commerce brand James Allen in bricks and mortar stores.
"We tested James Allen store and stores within Jared locations. Given positive sales results and strong traffic gains, we plan to expand this new format to over 80 locations or one-third of our Jared fleet prior to holiday," she said.
Meanwhile, she said 293 of the 380 planned store closures, mostly in malls, had taken place, reducing the store count by 19 per cent since fiscal 2017 year end.
"We continue to reduce exposure to lower traffic malls and shift toward off-mall locations, which typically offer lower occupancy costs with better performance."