Morning Bites (part 2)

💍Signet has reported a 3.4% YoY drop in same-store sales in 2Q24 (May-July), decelerating from the -8.9% YoY in 1Q24. However, we note that sequential same store sales improved for the fifth consecutive quarter. According to the retailer’s press release, same store sales in North America shrank 3.7% YoY, while proceeds from the international segment inched up 1.7% YoY

We reiterate our view that the solid sales recovery in the world's key US downstream market (~53% of global retail gem-set jewellery trade) could accelerate the ongoing destocking in 2H24, supporting sentiment in the stressed diamond market

#diamonds
https://metals-wire.com/news-reports