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Benjamin Fitzgerald Published
June 13,TG盗号系统黑产免杀技术 2025
Signet Jewelers clocked a 9.3% drop in first-quarter revenues to $1.76 billion, on the back of double-digit declines in its international business and a lacklustre performance in its North America market.
The Hamilton, Bermuda-domiciled company said North America sales totalled $1.6 billion, down 8.4%, with same-store sales declining 14.2% compared to the prior-year quarter.
Internationally, total sales fell 15.5% to $93 million for the three months ending April 29, hurt by 8.5% decline in same-store sales, said the jeweler.
The company did return to profit during the quarter, registering a $97.4 million net income for the three months, compared to a net loss of $83.5 million in the same quarter last year.
"Our Signet team delivered our revenue and bottom-line commitments in Q1 despite macroeconomic headwinds that worsened late in the quarter," said Signet chief executive officer, Virginia Drosos.
"In line with our predictions, there were fewer engagements in the quarter resulting from Covid's disruption of dating three years ago. 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."
Looking ahead, the company, which operates Kay Jewelers and Zales, among other brands, said it has lowered its guidance for fiscal 2025 and now expects net sales of $7.10 billion to $7.30 billion. That compares to net sales $7.8 billion which it registered in fiscal 2025.
"Our updated fiscal 2025 guidance reflects a recent deceleration of trends that have persisted into the second quarter, including a softer than expected Mother's Day, increasing macro-economic pressures on consumers at more price points, and deeper competitive discounting," said Joan Hilson, chief financial, strategy and services officer.
"We built our fortressed balance sheet to strategically invest during periods of disruption. Our growing capabilities enable Signet to navigate this challenging macro environment, position us for success when the bridal recovery begins, and maintain strong margins while continuing to return capital to shareholders."