Morning Bites (part 2)

💍Signet has reported a further 9.1% YoY decline in same-store sales in 4Q22 (November-January). In 3Q22, the decrease was 7.6% YoY. Same-store sales in North America contracted 9.3% YoY (-7.6% YoY in the previous quarter), while sales in the international segment fell 6.8% YoY (-6.7% YoY). According to Signet, inflationary pressures and union strikes in the UK outweighed the effect of adding online retailer Blue Nile to the retailer’s portfolio. Interestingly, higher-priced products performed better than those from cheaper categories. Overall, the results are in line with continuously soft US jewelry data (since October 2022) and the adverse macroeconomic conditions globally. We therefore maintain our cautious view on the diamond sector

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