{"id":116246,"date":"2021-06-10T21:59:46","date_gmt":"2021-06-10T21:59:46","guid":{"rendered":"https:\/\/fin2me.com\/?p=116246"},"modified":"2021-06-10T21:59:46","modified_gmt":"2021-06-10T21:59:46","slug":"signet-ceo-sees-more-strength-ahead-for-online-jewelry-sales-which-doubled-in-latest-quarter","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/signet-ceo-sees-more-strength-ahead-for-online-jewelry-sales-which-doubled-in-latest-quarter\/","title":{"rendered":"Signet CEO sees more strength ahead for online jewelry sales, which doubled in latest quarter"},"content":{"rendered":"<ul>\n<li>&quot;I think the pandemic has changed customer shopping behavior forever,&quot; Signet\u00a0CEO Gina Drosos told CNBC on Thursday.<\/li>\n<li>The jewelry retailer has responded accordingly by investing heavily in improving its e-commerce operations, Drosos said.<\/li>\n<li>Shares of Signet rose 14% on Thursday after the company beat Wall Street expectations on quarterly sales and per-share earnings.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>SIG<\/span><\/li>\n<\/ul>\n<p>Signet Jewelers\u00a0CEO Gina Drosos expressed optimism Thursday around the company&#x27;s investments in e-commerce, telling CNBC she expects them to pay off even after the Covid pandemic passes.<\/p>\n<p>&quot;I think the pandemic has changed customer shopping behavior forever. We&#x27;re seeing a lot more customers come to us online, even if not to purchase, to look at selection, to become educated,&quot; Drosos said on\u00a0&quot;Closing Bell.&quot;<\/p>\n<p>It is translating into digital sales, to be sure. Earlier Thursday, the owner of Zales and\u00a0Kay Jewelers reported e-commerce revenue of $346.3 million in the quarter ending May\u00a01, an increase of 110% compared with the same period a year ago. It&#x27;s also up about 125% compared with the same quarter two years ago, before the Covid crisis.<\/p>\n<p>Signet&#x27;s overall sales for the 2022 fiscal first quarter checked in at $1.69 billion, beating Wall Street expectations of $1.62 billion. Per-share earnings of $2.23 topped analyst forecasts of $1.27.<\/p>\n<p>&quot;Our transformation plan is working,&quot; said Drosos, who has served as Signet CEO since 2017. The former Procter &amp; Gamble executive has been a Signet board member since 2012.<\/p>\n<p>Drosos said Signet has taken a range of steps to capture share of the online jewelry market.<\/p>\n<p>&quot;We added during the pandemic more than 700 virtual jewelry consultants,&quot; Drosos said, and the company also recently added capabilities through Apple&#x27;s Business Chat and Google&#x27;s Business Messages.<\/p>\n<p>&quot;We&#x27;re improving our websites rapidly \u2014 more than 100 new features added during the first quarter,&quot; Drosos said. &quot;We think we have a unique opportunity and a competitive advantage as we create a superior online experience connected to our scaled store footprint.&quot;<\/p>\n<p>Signet, which also operates the Jared and Piercing Pagoda brands, has around 2,800 stores, according to its earnings release. In March, Drosos told CNBC the company was looking to &quot;optimize&quot; its locations, in part by reducing exposure to lower-quality malls.<\/p>\n<p>Shares of Signet rose 14% on Thursday, hitting a new 52-week high of $74.80 intraday, as investors reacted to the company&#x27;s before-the-bell earnings results and its full-year guidance hike.<\/p>\n<p>Signet&#x27;s stock is up 467% over the past 12 months, based on its Thursday close of $69.58 per share.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/06\/10\/signet-ceo-gina-drosos-sees-more-strength-ahead-for-online-jewelry-sales.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&quot;I think the pandemic has changed customer shopping behavior forever,&quot; Signet\u00a0CEO Gina Drosos told CNBC on Thursday. The jewelry retailer has responded accordingly by investing [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":116245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Signet CEO sees more strength ahead for online jewelry sales, which doubled in latest quarter - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/signet-ceo-sees-more-strength-ahead-for-online-jewelry-sales-which-doubled-in-latest-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signet CEO sees more strength ahead for online jewelry sales, which doubled in latest quarter - Fin2me\" \/>\n<meta property=\"og:description\" content=\"&quot;I think the pandemic has changed customer shopping behavior forever,&quot; Signet\u00a0CEO Gina Drosos told CNBC on Thursday. 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