H Samuel owner Signet Jewelers reports Q1 results

Signet Jewellers, the world's largest retailer of diamond jewellery, has announced its results for the first quarter of the full year 2023, ending 30 April 2022.

Signet Jewellers recorded total sales of £1.4 billion in the 13 weeks ending 30 April, up £120 million or 8.9% against Q1 2022. The US-based retailer recorded sales of £88 million in its international markets, up 91.6% compared to Q1 of FY22.

The company has also reaffirmed its annual guidance and expanded its share repurchase authorisation by £402 million.

In the UK Signet operates 350 stores as well as jewellery brands H. Samuel and Ernest Jones. In total it operates around 2,800 stores across the US, UK and Canada.

Virginia C. Drosos, Chief Executive Officer, of Signet Jewelers said: "Signet's strong performance this quarter reflects our team's successful execution and agility amidst retail headwinds.

"Customers responded to the breadth and newness within our assortment, particularly higher price point offerings, diamonds and precious metals. Our scale, strong balance sheet, and diversified banner portfolio provide flexibility to navigate macro level uncertainties, deliver consistent annual double-digit operating margin, and continue investing in differentiated capabilities to widen our competitive advantages."

Joan Hilson, Chief Financial and Strategy Officer added: "While we anticipated and experienced softening within lower price points resulting from heightened inflation and the lack of stimulus, we delivered offsets through tailored assortments, digital capabilities and enhanced services to maintain higher average transaction values."