In today’s top retail news, SIGNA Sports United (SSU) struck a deal to go public by combining with a blank-check company, while Signet Jewelers reported that its revenue nearly doubled from last year. Plus, vintage goods marketplace 1st Dibs went public.
SIGNA Sports United To Go Public By Merging With SPAC
SIGNA Sports United (SSU) has arrived at a deal to merge with a publicly traded special-purpose acquisition company (SPAC) Yucaipa Acquisition Corporation (YAC). The deal also involves the purchase of WiggleCRC Group, the online bike retailer. It is anticipated to close in the back half of 2021, according to an announcement.
Signet Jewelers Revenues Nearly Double As Same-Store Sales Surge
Signet Jewelers, which operates approximately 2,800 locations under names like Zales and Jared, reported that its revenue almost doubled from last year. For the three months ending May 1, 2021, the retailer said same-store sales were up about 107 percent from last year. All in, Signet reported $2.23 in non-GAAP earnings per share (EPS).
1st Dibs IPO Reflects Increased Competition, Demand For All Things Vintage
While it might have been overshadowed and outsized by the trading debut of monday.com, the initial public offering (IPO) of 1st Dibs has been the week’s surprise winner. The vintage goods marketplace, which equates itself to a Parisian flea market, boasts more than one million jewelry, art and furniture products. Its IPO comes on the heels of Etsy’s purchase of Depop.
Chewy Focused On Growing US Wallet Share Before Global Expansion
Even with a shortage at its fulfillment hubs and an increase in out-of-stock products, eCommerce pet supply retailer Chewy announced this week that efficiently adding new clients and expanding its portion of consumer spending were the important components of its growth framework. The firm said its first-quarter sales climbed by 32 percent to a better-than-anticipated $2.1 billion for the three months wrapping up on May 2.