Signet Jewelers has reported that sales for the second quarter of FY 2024 (ended July 29th) fell 8.1% year-on-year to $1.6 billion, according to Diamond World. Signet’s Q2 net income dropped 48% to $75.1 million. Sales in North America totaled $1.5 billion – a fall of 7.1% decline compared to Q2 of fiscal 2023.
Virginia Drosos, Signet’s CEO, said that the company is optimistic about the anticipated multi-year recovery in engagement jewelry, scheduled to start in the fourth quarter of this year, and further rebound over the next three years. According to the report, “bridal overall, inclusive of engagements, historically represents nearly 50% of Signet’s merchandise sales.”
In Fiscal 2024, Signet expects total sales to amount to $7.1 to $7.3 billion, and its operating income to be in the range of $635-675 million.
Signet is the largest jewelry retailer in the US, and operates over 2,800 outlets under various brands such as Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, and Diamonds Direct. In other countries, the company operates under the brands Blue Nile, JamesAllen.com, Rocksbox, and Peoples Jewellers, as well as H. Samuel and Ernest Jones in the United Kingdom.
