- Wednesday, October 16, 2024
Signet Jewelers, a renowned jewelry retailer, reported a decline in sales during the third quarter, indicating that consumer interest in luxury items like diamond jewelry remains subdued as the holiday season approaches.
In comparison to the same period last year, net income attributable to common shareholders dropped from $28.8 million (or 60 cents a share) to $3 million (or 7 cents a share).
Adjusting for one-time charges and restructuring, the adjusted earnings stood at 24 cents per share, surpassing analysts' expectations of 18 cents per share, as reported by FactSet.
The overall sales figures stood at $1.39 billion, showing a decrease of approximately 12%, aligning with market analysts' estimates. Additionally, same-store sales, which exclude the impact of store openings and closures, also fell by about 12%.
Chief Executive Virginia Drosos commented on the performance, stating that the Black Friday shopping period exhibited strength and witnessed an improvement in engagement trends. Despite a shopping environment that prioritizes value, Drosos asserted that the demand for jewelry has remained steady.
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