On September 12, 2024, Signet Jewelers Limited, the world's largest retailer of diamond jewelry, reported its financial results for the second quarter of fiscal year 2025, which ended on August 3, 2024. The company announced a decrease in sales to $1.5 billion, a 7.6% drop compared to the same quarter of the previous fiscal year. Same store sales also declined by 3.4%. Despite the sales downturn, Signet reported an expansion in gross margins to 38.0% and an increase in merchandise margin rate and average transaction value. The quarter saw an operating loss of $100.9 million, primarily due to non-cash impairment charges related to goodwill and the Blue Nile trade name. Adjusted operating income was $68.6 million, down from $102.7 million in the prior year. The diluted loss per share was...Show More

On September 12, 2024, Signet Jewelers Limited, the world's largest retailer of diamond jewelry, reported its financial results for the second quarter of fiscal year 2025, which ended on August 3, 2024. The company announced a decrease in sales to $1.5 billion, a 7.6% drop compared to the same quarter of the previous fiscal year. Same store sales also declined by 3.4%. Despite the sales downturn, Signet reported an expansion in gross margins to 38.0% and an increase in merchandise margin rate and average transaction value. The quarter saw an operating loss of $100.9 million, primarily due to non-cash impairment charges related to goodwill and the Blue Nile trade name. Adjusted operating income was $68.6 million, down from $102.7 million in the prior year. The diluted loss per share was $2.28, which includes significant non-cash impairment charges. Excluding these charges, the adjusted diluted EPS was $1.25. Cash and cash equivalents at the end of the quarter were $403.1 million, and the company repurchased approximately 441,000 common shares. Signet reiterated its fiscal 2025 guidance, expressing confidence in delivering its annual guidance based on its strategy and cost savings initiatives, which are now expected to reach up to $200 million for the year.