Morning Bites (part 2)

💍Signet has reported a further 13.9% YoY decline in same-store sales in 1Q23 (February-April), after the 9.1% YoY drop in 4Q22. Same-store sales in North America were down 14.2% YoY (-9.3% YoY in the previous quarter), while the international segment’s sales declined 8.5% YoY (-6.8% YoY in 4Q22). According to Signet CEO Virginia Drosos, the dynamics were affected by macroeconomic headwinds that worsened late in the quarter, as well as fewer engagements (half of Signet's revenues comes from bridal). The company has cut its FY24 sales guidance: proceeds are now expected to be 7-9% lower YoY (vs. the 0-2% YoY drop seen earlier). Overall, the results are in line with the continuously weak US jewellery data (since October 2022), which underpins our cautious view on the diamond sector globally

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