Signet Jewelers announced its results for the 13 weeks ended August 3, 2024 (second quarter Fiscal 2025, 2QFY 2025). “I’d like to thank our Signet team for delivering our fifth consecutive quarter of sequential same store sales improvement, up more than 5 points compared to the first quarter of this year and turning positive third quarter to date. Our strategy to accelerate new merchandise at the right price points is capturing customer demand and driving merchandise margin expansion,” said Signet Chief Executive Officer Virginia C. Drosos.
“Both the internal and external metrics we track indicate increasing engagements as we head into the back-half of the year. This combined with growth in new high margin fashion merchandise and services gives us confidence in delivering our annual guidance.”
“Our strategy of balancing new merchandise, competitive pricing, and sourcing savings drove merchandise margin expansion of 120 basis points and an increase in average transaction value compared to this time last year,” said Joan Hilson, Chief Financial, Strategy & Services Officer. “In addition to continuing this strategy, our fiscal year guidance includes an increase in cost savings, now up to $200 million for the year, which we believe provides for flexibility in a competitive environment in the back-half.”
According to the Signet 2Q FY2025 results, Sales that totaled of $1.5 billion, down $122.6 million or 7.6% (down 7.6% on a constant currency basis) to Q2 of FY24. Same store sales (SSS) down 3.4% to Q2 of FY24.
Gross Margins expanded 10 basis points to 38.0% of sales.
Operating loss of $100.9 million, down from operating income of $90.2 million in Q2 of FY24, due to $166 million of non-cash impairment charges substantially related to Digital Banners goodwill and the Blue Nile trade name.
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