Signet Jewelers CEO Gina Drosos told CNBC on Wednesday that the company has been able to avoid major Covid-related supply chain challenges thanks to advanced planning.
“We went out ahead … We received all our orders a month earlier than normal this year,” Drosos said in an interview with Jim Cramer on “Mad Money.” “The advantage of this is that it allows our suppliers to plan our production throughout the summer safely.”
Owner Zales, Jared and Kay Jewelers have already received more than 50% of their holiday orders, according to Drosos, who has held the position of CEO of Signet since 2017.
“We get it right away in stores. That’s important because I think Christmas shopping will take place this year before ever,” Drosos said. “The first and experienced buyer is already looking for good deals and gift items.”
Supply chains in many industries have been disrupted during the coronavirus pandemic. There have been delays in shipping and a shortage of inventories, which has contributed to the inflationary pressures felt in the US economy.
Drosos noted that some retail experts have expressed concern about product availability during the holiday shopping season. However, “at Signet, we will be in stock,” he said.
Signet reported its latest quarterly results last week, surpassing Wall Street expectations on the top and bottom lines. Earnings per share of $ 3.57 were significantly above forecasts of $ 1.69, according to Refinitiv, while sales of $ 1.79 billion exceeded projections of $ 1.641 billion.
“I think we’re going to the back half with more momentum and optimism than we had even entered in the earnings call,” Drosos told Cramer.