Signet CEO Gina Drosos sees more power to sell online jewelery

Signet Jewelers CEO Gina Drosos told CNBC Thursday that he was optimistic about the company’s investment in e-commerce and hopes they will be rewarded even after the Covid pandemic has passed.

“I think the pandemic has changed the shopping behavior of our customers forever. We see more customers coming to us online to consider their choices and educate them without having to buy.” Drosos said in “Closing Bell”.

Indeed, it has been converted to digital sales. Earlier Thursday, owners of Zales and Kay Jewelers reported quarter-to-May e-commerce revenue of $ 346.3 million, up 110% year-over-year. It also increased by about 125% compared to the same quarter two years before the Covid crisis.

Signet’s total revenue for the first quarter of fiscal year 2022 was $ 1.69 billion, exceeding Wall Street’s forecast of $ 1.62 billion. Earnings per share was $ 2.23, well above analysts’ expectations of $ 1.27.

“Our transformation plan is working,” said Drosos, CEO of Signet since 2017. A former Procter & Gamble executive has been a board member of Signet since 2012.

Drosos said Signet has taken various steps to gain market share in the online jewelery market.

“We added more than 700 virtual jewelery consultants during the pandemic,” said Drosos, who recently added functionality through Apple’s business chat and Google’s business messages.

“We are improving our website rapidly. We added over 100 new features in the first quarter,” said Drosos. “We believe that we have unique opportunities and competitive advantages by creating great online experiences related to our expanded store footprint.”

According to the revenue release, Signet, which also operates the Jared and Piercing Pagoda brands, has approximately 2,800 stores. In March, Drosos told CNBC that it was trying to “optimize” the location by reducing exposure to poor quality malls.

Signet’s share price rose 14% on Thursday, reaching a 52-week high of $ 74.80 during the day as investors responded to the company’s pre-bell earnings results and year-round guidance hikes.

Signet’s share price has risen 467% in the last 12 months, based on Thursday’s closing price of $ 69.58 per share.

Signet CEO Gina Drosos sees more power to sell online jewelery

Source link Signet CEO Gina Drosos sees more power to sell online jewelery

Back to top button