Signet Jewelers, the world's largest retailer of diamond jewelry, reported a 9.4% decrease in sales to $1.51 billion for the first quarter of Fiscal 2025 compared to the same period in Fiscal 2024. The decline was attributed to macroeconomic challenges affecting consumer spending, increased competition, and a decrease in engagements due to the COVID-19 pandemic. Despite these challenges, the company saw positive factors such as new fashion assortment and strong performance in services. The average merchandise transaction values (ATV) decreased by 1.6% in North America and 15.3% in the International segment. Operating income fell to $49.8 million, or 3.3% of sales, from $101.7 million, or 6.1% of sales in the previous year. The company's Inspiring Brilliance strategy focuses on sustainable growth, aiming for $9 to $10 billion in revenue with...Show More

Signet Jewelers, the world's largest retailer of diamond jewelry, reported a 9.4% decrease in sales to $1.51 billion for the first quarter of Fiscal 2025 compared to the same period in Fiscal 2024. The decline was attributed to macroeconomic challenges affecting consumer spending, increased competition, and a decrease in engagements due to the COVID-19 pandemic. Despite these challenges, the company saw positive factors such as new fashion assortment and strong performance in services. The average merchandise transaction values (ATV) decreased by 1.6% in North America and 15.3% in the International segment. Operating income fell to $49.8 million, or 3.3% of sales, from $101.7 million, or 6.1% of sales in the previous year. The company's Inspiring Brilliance strategy focuses on sustainable growth, aiming for $9 to $10 billion in revenue with an annual double-digit adjusted operating margin. Signet expects same store sales between -4.5% and +0.5% for Fiscal 2025, with a recovery in engagements and continued investment in digital and service offerings. The company completed the divestiture of its UK prestige watch business and closed 16 stores in the UK, aiming to improve profitability in this segment. Signet continues to monitor the impact of macroeconomic factors, including inflation and geopolitical conflicts, on its business.