These steps helped the company to capture pent-up demand and early holiday shopping. Signet's total Q3 sales were $1.3 billion, up 9.5% year-over-year, in the 13 weeks ended 31st October, 2020. Total same-store sales improved 15.1% year-over-year.
Virginia C. Drosos, Chief Executive Officer, said, “We believe our Path to Brilliance strategy is working, and we are making progress toward our goal of being the strongest OmniChannel player in our industry. The strategic choices and investments we've made — in both people and technology — over the past three years have enabled us to accelerate our transformation. We believe we will emerge from the pandemic stronger and more united, fueled by our purpose to Inspire Love.”
Signet has substantially updated its jewellery assortment to align with the preferences of its customers through refreshed core items, new product launches, and expanded customisation options. Increased focus on digital and influencer marketing enabled Signet to more efficiently and effectively communicate these merchandise innovations to customers.
The company also enhanced the customer shopping journey with new fulfillment options and by making its breadth of payment and service plan options available on its digital platform. eCommerce sales were $238.8 million, up 71.4%, while brick and mortar same-store sales increased 6.8%.
In its outlook for the year, Signet cautioned that its strongest holiday weeks -- historically the two weeks prior to Christmas -- could see same-store sales being negatively impacted as a result of weaker retail store traffic trends, Covid social distancing capacity constraints, and store closures due to virus trends.
Signet did not provide any financial guidance and said it believes that Covid-related issues will have a more significant negative effect in December versus November.