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Wednesday, January 26, 2022

Signet CEO Gina Drosos on avoiding Covid-related supply chain issues

Signet Jewelers CEO Gina Drosos told CNBC on Wednesday the company has been able to avoid major Covid-related supply chain challenges thanks to advanced planning.

“We got way out in front of it. … We got all of our orders in a month earlier than normal this year,” Drosos said in an interview with Jim Cramer on “Mad Money.” “The benefit of that is it’s allowed our vendors to plan our production across the summer safely.”

The owner Zales, Jared and Kay Jewelers has already received more than 50% of its holiday orders, according to Drosos, who has served as Signet CEO since 2017.

“We’re getting that out immediately into stores. That’s important because I think that Christmas shopping is going to happen this year earlier than ever,” Drosos said. “The early, savvy shopper is already out looking for good deals, great gifting items.”

Supply chains across numerous industries have been disrupted during the coronavirus pandemic. Shipping delays and inventory shortages have arisen, helping contribute to the inflationary pressures felt in the U.S. economy.

Drosos noted some retail experts have expressed concerns about the availability of products during the holiday shopping season. However, “at Signet, we’ll be in stock,” she said.

Signet reported its latest quarterly results last week, topping Wall Street expectations on the top and bottom lines. Earnings per share of $3.57 was significantly above forecasts of $1.69, according to Refinitiv, while $1.79 billion in sales beat projections of $1.64 billion.

“I think we’re heading into the back half with more momentum and optimism than we had even going into the earnings call,” Drosos told Cramer.

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