Morning Bites (part 2)

💍Signet has reported another 11.8% YoY drop in same-store sales in 3Q23 (Aug-Oct), in line with the 2Q23 dynamics. Same-store sales in North America shrank 12.3% YoY (-12.2% YoY in the previous quarter); proceeds from the international segment were also down 4.6% YoY (-8.4% YoY in 2Q23). According to Signet CEO Virginia Drosos, Black Friday underpinned a sequential improvement in engagement trends (~50% of Signet's revenues comes from bridal), though 4Q23 sales are expected to be 3-10% down YoY. The retailer has also maintained its FY24 sales outlook, anticipating a 7-9% decline YoY

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