Signet Jewelers posts solid first-quarter fiscal 2023 results

Signet Jewelers, the world's largest retailer of diamond jewelry, said in its statement on the results attained in the first quarter fiscal 2023 that its total sales were $1.8 billion, up $149.5 million or 8.9% to Q1 of FY22, while same store sales went up 2.5% to Q1 of FY22. The jeweler’s North America division increased its total sales by 5.4% vs Q1 of FY22 driving them to $1.7 billion. Its same store sales declined 0.9% to Q1 of FY22 reflecting higher average transaction value and a lower number of transactions. Internationally, the company’s total sales of $110.0 million were up 91.6% to Q1 of FY22, while same store sales grew 102.6% versus Q1 of FY22 reflecting prior year store operating restrictions, higher average transaction value and a higher number of transactions.
"Signet's strong performance this quarter reflects our team's successful execution and agility amidst retail headwinds," said Virginia C. Drosos, Chief Executive Officer. "We generated nearly 9% topline growth, including 2.6% organic sales growth, enabled by our healthy inventory position, connected commerce capabilities and data-driven marketing. Customers responded to the breadth and newness within our assortment, particularly higher price point offerings, diamonds and precious metals. Our scale, strong balance sheet, and diversified banner portfolio provide flexibility to navigate macro level uncertainties, deliver consistent annual double-digit operating margin, and continue investing in differentiated capabilities to widen our competitive advantages."
"We are reaffirming our annual guidance and expanding our share repurchase authorization by $500 million," said Joan Hilson, Chief Financial and Strategy Officer. "While we anticipated and experienced softening within lower price points resulting from heightened inflation and the lack of stimulus, we delivered offsets through tailored assortments, digital capabilities and enhanced services to maintain higher average transaction values. At this time, we continue to focus on the factors under our control and leverage our competitive advantages as we navigate the impact of this macro-economic environment on consumer behavior. We believe that the strategies, agility and discipline of our team will enable us to continue to drive long-term value for our shareholders."