Signet’s Q2 represents a major recovery from the travails of last year, but the retailer acknowledges that the roaring growth isn’t destined to last forever. In its earnings report, the company said that it expects a shift in consumer spending away from the jewelry category and toward experiences as the U.S. tries to move on from the pandemic.
Telsey Advisory Group analysts led by Dana Telsey credited Signet’s earlier investments in digital and merchandising strategies with the retailer’s ability to capitalize on an upswing in demand. The analysts said that as customers, especially younger consumers and those with young children, become wary of the delta variant, Signet has “remained flexible, meeting its customer wherever they prefer to engage, delivering a seamless, enjoyable shopping experience.”
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