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CEO Virginia Drosos said that trading was slow in February before improving in May. | Source: Mall of America
CEO Virginia Drosos said that trading was slow in February before improving in May. | Source: Mall of America

Early diamond jewellery sales struggles for Signet Jewellers

The largest diamond jewellery retailer in the world, US-based Signet Jewelers, reported a decline in sales and profit in the first quarter amid adverse economic conditions.

Revenue decreased by 9 per cent on a year-on-year comparison, reaching $USD1.51 billion ($AUD2.28 billion) for the period ending 4 May. Proft declined by 47 per cent.

CEO Virginia Drosos said that trading was slow in February before improving in May.

"Our results reflect notable acceleration from a sluggish February to the top half of expectations, with an even stronger May," she said.

“Further, customers continue to respond well to our new product offerings and loyalty program, reflected in a meaningful improvement in comparable sales for fashion since February.”

She added: “We expect continued momentum in the second quarter, leading to a positive same-store sales inflection in the second half of fiscal 2025."

Signet has maintained its sale outlook at between $USD6.6 billion ($AUD9.96 billion) and $USD7.02 billion ($AUD10.6 billion).

 

Fluctuations in share price for Signet Jewelers over the past 12 months.
Fluctuations in share price for Signet Jewelers over the past 12 months.

 

More reading
Surprising decline in revenue for Signet Jewelers
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Sales decline for retail jewellery giant
Signet maintains guidance despite declining jewellery sales
Signet reviews forecast following sales decline

 











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