Giroud spurned a quick chance to double his tally when he missed a penalty in the early stages of the second half.
Alex Oxlade-Chamberlain took his chance to get on the scoresheet on the hour with a powerful strike from range.
Arshavin ended the match as a contest three minutes later when he exchanged passes with Giroud and produced an assured finish from close range.
Theo Walcott rifled home a fourth to underline his striking credentials 15 minutes from time.
Coventry fans got something to cheer about when Callum Ball scored a consolation for the Sky Blues.
Arsenal got number five with 10 minutes to play when Spanish defender Ignasi Miquel powered home a header after hitting the bar earlier in the match.
Walcott was on target again in injury time as he slotted in from an acute angle.
Gunners fans were given further reason to cheer in the closing stages when Emmanuel Frimpong made a return to first-team action after a prolonged spell on the sidelines.