Signet Jewelers said its total sales for Q1 of FY2023 that ended 30th April, 2022 grew 8.9% to $1.8 billion. Same store sales were up 2.5%.
“Signet’s strong performance this quarter reflects our team’s successful execution and agility amidst retail headwinds,” said Virginia C. Drosos, Chief Executive Officer. “We generated nearly 9% topline growth, including 2.6% organic sales growth, enabled by our healthy inventory position, connected commerce capabilities and data-driven marketing.
Signet’s North America Q1 sales of $1.7 billion rose 5.4%, while its international sales almost doubled (91.6%) to $110 million.
“Customers responded to the breadth and newness within our assortment, particularly higher price point offerings, diamonds and precious metals. Our scale, strong balance sheet, and diversified banner portfolio provide flexibility to navigate macro level uncertainties, deliver consistent annual double-digit operating margin, and continue investing in differentiated capabilities to widen our competitive advantages.” “We are reaffirming our annual guidance and expanding our share repurchase authorization by $500 million,” said Joan Hilson, Chief Financial and Strategy Officer.