Signet Jewelers Ltd (NYSE:SIG) Q3 2021 Earnings Conference Call - Final Transcript
Dec 03, 2020 • 08:30 am ET
Good day, and welcome to the Signet Jewelers Third Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions]
After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Vinnie Sinisi, SVP, Investor Relations and Treasury. Please go ahead.
Great, thanks so much, Elisa, and good morning everybody.
Welcome to our third quarter earnings conference call. On the call today are Signet's CEO, Gina Drosos; and CFO, Joan Hilson. During today's presentation, we will make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We urge you to read our risk factors, cautionary language and other disclosure in our annual report on Form 10-K, quarterly reports on 10-Q, and current reports on 8-Ks.
Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events. During the call, we'll discuss certain non-GAAP financial measures. For further discussion on non-GAAP financial measures, as well as reconciliation on the non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release we posted on our website at www.signetjewelers.com/investors. I'll now turn the call over to Gina.
Thank you, Vinnie. Good morning, everyone.
We are pleased to report our third quarter results, which I'll share in a moment. I also want to use this call to take a longer-term view of where we're headed, and to share my confidence that our Path to Brilliance strategies are working, and are positioning Signet for long-term growth.
Let's begin with a look at the Q3 results. Total sales increased 9.5% and same-store sales increased 15.1% versus last year as our stores reopened, and we made intentional efforts to capture both pent-up demand and early holiday sales. E-commerce sales increased 71.4% compared to last year through continued execution of our omnichannel focus as part of the Path to Brilliance. Brick-and-mortar same-store sales grew 6.8% with over 90% of our stores open this quarter. This demonstrates that our e-commerce growth isn't coming at the expense of our stores and also demonstrates the progress we're making toward our goal of becoming the strongest omnichannel player in our industry.
We generated $606.7 million in cash flow from operating activities year-to-date, by focusing on working capital efficiencies and cost consciousness. Non-GAAP EPS was $0.11, reflecting the combination of our accomplishments on both the top line and in our expense categories. These results were driven by several factors. First, the passion and performance of our Signet team. Second, continued strong execution of our Path to Brilliance strategy, building on the foundation we've established, and adding a number of significant digital product and marketing innovations this year. Third, targeted efforts including marketing and clienteling to capture pent-up demand, following story openings. And fourth, intentional media and promotional efforts that we put in place to capture early