Signet Reports a $40m Q1 Loss
June 16, 24
(IDEX Online) - Signet reported a $40.1m net loss in the 13 weeks to 4 May (Q1 2025) as sales fell 9.4 per cent $1.5bn in a tough trading environment.
The world's largest retailer of diamond jewelry, with over 2,700m stores, saw profits plunge 145 per cent compared with an $88.8m profit attributable to common shareholders in Q1 2024. Same store sales were down 8.9 per cent year-on-year.
In March he company - which includes the Kay, Zales, Jared and Blue Nile brands - announced a 6.3 per cent fall in net sales for Q4, blaming fewer engagements and increased competition from heavily-discounted lab growns.
Despite the poor performance, CEO Virginia C. Drosos remained upbeat. "Our results reflect notable acceleration from a sluggish February to the top half of expectations, with an even stronger May," she said.
"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.
"We expect continued momentum in the second quarter, leading to a positive same store sales inflection in the second half of Fiscal 25."
Pic courtesy Signet shows a Zales store.