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Morning Bites (part 3)

💍Signet has reported a further 12.0% YoY decline in same-store sales in 2Q23 (May-July), after the 13.9% YoY fall in 1Q23. Same-store sales in North America shrank 12.2% YoY (-14.2% YoY in the previous quarter), while the international segment’s sales were down 8.4% YoY (-8.5% YoY in 1Q23). According to Signet CEO Virginia Drosos, the upcoming multi-year recovery of engagements might begin in 4Q23 (half of Signet's revenues comes from bridal). The company has also reiterated its FY24 sales guidance, expecting the figure to be 7-9% lower YoY. Overall, the results correspond to soft US jewellery sales (since October 2022) and underpin our cautious outlook on the diamond sector globally

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