Signet Jewelers Limited, the world's largest retailer of diamond jewelry, reported a decrease in total sales by 8.6% to $7.17 billion in Fiscal 2024 compared to the previous year. The decline was attributed to the impact of inflation on consumer spending and a decrease in bridal category sales due to lower engagement rates. Despite the sales drop, the company's operating income increased to $621.5 million, up from $604.9 million in Fiscal 2023. The increase was primarily due to the absence of charges related to litigation and asset impairment that were present in the previous fiscal year. E-commerce sales rose by 2.6%, accounting for 22.9% of total sales, driven by the addition of Blue Nile to Signet's portfolio. The company's net income significantly increased...Show More

Signet Jewelers Limited, the world's largest retailer of diamond jewelry, reported a decrease in total sales by 8.6% to $7.17 billion in Fiscal 2024 compared to the previous year. The decline was attributed to the impact of inflation on consumer spending and a decrease in bridal category sales due to lower engagement rates. Despite the sales drop, the company's operating income increased to $621.5 million, up from $604.9 million in Fiscal 2023. The increase was primarily due to the absence of charges related to litigation and asset impairment that were present in the previous fiscal year. E-commerce sales rose by 2.6%, accounting for 22.9% of total sales, driven by the addition of Blue Nile to Signet's portfolio. The company's net income significantly increased to $810.4 million, with an effective tax rate benefit of (26.7)% mainly due to a $263.3 million deferred tax asset recorded in relation to Bermuda's new corporate income tax. Signet also completed strategic acquisitions and divestitures, including the purchase of Service Jewelry & Repair and the sale of its UK prestige watch business. The company's adjusted leverage ratio remained at 2.3x, and it continued to return cash to shareholders through dividends and share repurchases.