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Signet Jewelers has lowered its forecast for the remainder of the year after sales declined in the opening quarter.
Revenue for the world’s largest retailer of diamond jewellery decreased by nine per cent on a year-on-year comparison, reaching $US1.67 billion ($AU2.18 billion).
At locations open for at least 12 months same-store sales declined by 13.9 per cent and CEO Virgina Drosos attributed the results to ‘macroeconomic headwinds’.
“In line with our predictions, there were fewer engagements in the quarter resulting from COVID-19’s disruption of dating three years ago,” she said.
“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.”
She added: “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 $US150 million ($AU222.1 million) while maintaining strategic investments.”
The company recorded a fourth-quarter sales slump of five per cent, with Drosos anticipating that an increased focus on excluding Russian diamonds from the US market would lead to positive sales.
Signet owns more than 2,800 stores worldwide. The company is now forecasting sales of between $US7.1 billion ($AU10.51 billion) to $US7.3 billion ($AU10.81) for the financial year.
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