Signet Jewelers Limited, the world's largest retailer of diamond jewelry, announced its results for the Q2 ended August 1, 2020 ("second quarter Fiscal 2021").
Virginia C. Drosos, Chief Executive Officer said: "Sales improved sequentially throughout the second quarter as we reopened stores and remained agile and innovative in these unprecedented times. While same-store sales were down 31.3% in the quarter given store closures, same-store sales turned positive in late Q2 as we reached scale on store re-openings while driving high double-digit growth in eCommerce. Momentum has continued into Q3 with preliminary August same-store sales of 10.9% and eCommerce growth of 65.2%.”
The Q2 Fiscal 2021 highlights show that same-store sales were down 31.3%, reflecting eCommerce growth of 72.1% year over year. The Brick and Mortar sales improved sequentially as store openings accelerated from approximately 20% open by end May, to 75% open by end June, and 90% open by mid-July. Net structural cost savings are on track to exceed $100 mn in FY21.
Now in the third year of Path to Brilliance, the Signet expects net savings of at least $285 mn versus its original target of $225 mn.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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