Signet Jewelers said its financial results for the first quarter of fiscal year 2024, which ended on 29th April, 2023, met its revenue and bottom-line targets for the quarter, despite facing challenging macroeconomic conditions. The company posted Q1 sales of $1.7 billion, representing a decrease of 9.3% compared to the same period last year. Despite this decline, the company reported a GAAP operating income of $101.7 million, a significant improvement from $0.2 million in the first quarter of fiscal year 2023.

Signet CEO Virginia C. Drosos stated, "In line with our predictions, there were fewer engagements in the quarter resulting from COVID's disruption of dating three years ago." Despite these headwinds, Drosos expressed confidence in the company's ability to leverage its strengths and gain market share in the coming months.

Looking ahead, Signet plans to increase its cost savings target for the full fiscal year 2024 to a range of $225 to $250 million. This represents an increase of up to $150 million, while the company maintains its strategic investments. Signet aims to proactively address the dynamic retail climate and capitalise on its flexible operating model.

The revised guidance for fiscal year 2024 reflects the recent deceleration of trends, including a softer-than-expected Mother's Day and increasing macroeconomic pressures on consumers. Signet is also facing deeper competitive discounting in the market. However, the company believes its fortified balance sheet and growing capabilities will help it navigate these challenges and position it for success in the future.

Signet's North America segment saw total sales of $1.6 billion, down 8.4% compared to the first quarter of fiscal year 2023. Same store sales in this segment declined by 14.2%. The International segment reported total sales of $93.0 million, a decrease of 15.5% compared to the same period last year.