Signet Jewelers has announced its financial results for Q1 2023 (ended April 29, 2023), showing a fall of 9.3% year-on-year to $1.7 billion in sales. According to Diamond World, quoting the company, the results “met its revenue and bottom-line targets for the quarter, despite facing challenging macroeconomic conditions.”
Signet’s North America segment raked in $1.6 billion – down 8.4% compared to the first quarter of FY2023. Same store sales in this segment fell 14.2%. The International segment reported total sales of $93 million, a fall of 15.5% compared to the same period last year.
Signet CEO Virginia C. Drosos said: “In line with our predictions, there were fewer engagements in the quarter resulting from COVID’s disruption of dating three years ago.” Signet added that it plans to “increase its cost savings target for the full fiscal year 2024 to a range of $225 to $250 million.”
