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​​Signet sees sales reach £1.1bn in Q3

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Signet jewellers, the diamond jewellery retailer, has announced its total sales reached $1.5bn (£1.1bn) for the 13 weeks ending October 30, 2021 (Q3 22), which is an increase of more than $235m (£117m) compared to Q3 21 and more than nearly $350m (£263m) than Q3 FY20. 

The jewellers operating income also surged to $105.2m (£79.2m) in Q3 22, up year-on-year by $46.8m (£35.2m) and a loss of $29.3m (£22m) in Q3 of FY20.

Additionally, its net income surged to $92.6m (£69.7m) in Q3 22, compared to $9.3m (£7m) last year.

Meanwhile, Signet saw its cash flow from operating activities to date fall to $483.9m (£364.4m) down approximately $123m (£92.6m) to FY21 levels and up $370m (£278.6m) to FY20.

Virginia C. Drosos, Signet CEO, said: “Consumers are reacting favorably to our refreshed merchandise assortment and the significant enhancements we’ve made to our Connected Commerce and fulfillment capabilities.

“We have built a healthy operating structure enabling transformative investments that are attracting new customers and driving loyalty. Our data driven customer insights and planning helped us secure earlier receipt of our holiday assortment and ensure no significant disruptions to our supply chain or labor needs.” 

Joan Hilson, chief financial and strategy officer, added: “As we look forward to the balance of the year, we are raising our Fiscal 2022 guidance to reflect enhanced Connected Commerce capabilities and business momentum which continued through black friday and cyber monday weekend.

“Nonetheless, we remain cautious in our outlook for the balance of the year given uncertainties with Covid and the new Omicron variant, as well as potential shifts in consumer spending patterns.”

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