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The world’s largest retailer of diamond jewellery, Signet Jewelers, has reported decreased sales in the second quarter as US consumer spending continues to decline.
Revenue for Signet declined by eight per cent, reaching $US1.61 billion ($AU2.49 billion) for the three months ending 29 July.
CEO Virginia C. Drosos said that the company still anticipates that engagements will begin to increase in the fourth quarter.
“Our team’s focus on the consumer enabled us to exceed our revenue and bottom-line commitments in the quarter while also advancing our strategic priorities. We remain confident in our ability to achieve our fiscal 2024 guidance,” she said.
“Our reimagined merchandise assortment and upcoming holiday season initiatives will leverage our investments in innovation, digital capabilities, and data analytics to widen our competitive advantages. We believe the upcoming multi-year recovery of engagements remains on track to begin in the fourth quarter of this year.”
Bridal sales declined by seven per cent, and fashion jewellery sales decreased by nine per cent. The only segment which improved was services, with revenue increasing by four per cent.
Signet has maintained its full-year forecast of a seven to nine per cent decline in sales, expecting revenue of between $US7.1 billion ($AU10.9 billion) to $US7.3 billion ($AU11.26 billion).
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