Signet Jewelers Limited, the world's largest retailer of diamond jewelry, announced its results for the 13 weeks ended April 29, 2023.
Total sales of $1.7 billion, down $170.3 million or 9.3% to Q1 of FY23. Same store sales down 13.9% to Q1 of FY23.
On the international level total sales were $93.0 million, down 15.5% to Q1 of FY23. SSS declined 8.5% versus Q1 of FY23.
"Our Signet team delivered our revenue and bottom-line commitments in Q1 despite macroeconomic headwinds that worsened late in the quarter. In line with our predictions, there were fewer engagements in the quarter resulting from COVID's disruption of dating three years ago," said Signet Chief Executive Officer Virginia C. Drosos. "As we look to the balance of the year, we're leaning in to leverage our differentiated capabilities, widen our competitive advantages, and drive market share gains. We are proactively addressing the dynamic retail climate, leveraging our team's agility and flexible operating model to raise our cost savings target by up to $150 million while maintaining strategic investments."
Alex Shishlo for Rough&Polished
Total sales of $1.7 billion, down $170.3 million or 9.3% to Q1 of FY23. Same store sales down 13.9% to Q1 of FY23.
On the international level total sales were $93.0 million, down 15.5% to Q1 of FY23. SSS declined 8.5% versus Q1 of FY23.
"Our Signet team delivered our revenue and bottom-line commitments in Q1 despite macroeconomic headwinds that worsened late in the quarter. In line with our predictions, there were fewer engagements in the quarter resulting from COVID's disruption of dating three years ago," said Signet Chief Executive Officer Virginia C. Drosos. "As we look to the balance of the year, we're leaning in to leverage our differentiated capabilities, widen our competitive advantages, and drive market share gains. We are proactively addressing the dynamic retail climate, leveraging our team's agility and flexible operating model to raise our cost savings target by up to $150 million while maintaining strategic investments."
Alex Shishlo for Rough&Polished
