Signet Jewelers posted its Q3 results that exceeded both top-line and bottom-line guidance for the three-month period that ended 29th October 2022. The jeweller raised its full year guidance inclusive of Blue Nile.

Total Q3 FY23 sales were $1.6 billion, up 2.9% compared to unusually heightened sales in Q3 last year, resulting in part from government benefit programs and the company’s strategic transformation including marketing initiatives, and up 33.3% versus Q3 of FY20. However, same-store sales were down 7.6% year-on-year.

Virginia C. Drosos, Chief Executive Officer, Signet Jeweler, said, “Our strong third quarter results exceeded guidance and evidence why we believe Signet is uniquely positioned to deliver consistent market share growth and value creation. Our financial strength and flexible operating model are enabling continued strategic investments that are widening our competitive advantages. We have acquired 22.5 million new customers over the past five years, driving revenue and market share growth, and these customers are younger, more affluent and highly diverse with meaningful lifetime purchasing power. Our team's culture of innovation, agility and rigorous execution continue to drive advantage.”

Signet’s North America sales of $1.5 billion, were up 5.1% to Q3 of FY22 and up 36.8% to Q3 of FY20. International sales of $95.3 million declined 21.2% to Q3 of FY22 and were down 10.4% to Q3 of FY20.

Signet expects full year sales to be in the range of $7.77 billion to $7.84 billion. It anticipates Q4 sales of $2.59 billion to $2.66 billion.

“We're raising our full-year guidance with confidence in the sustainability of an annual double-digit non-GAAP operating margin, which reflects current business trends and is now inclusive of Blue Nile," said Joan Hilson, Chief Financial and Strategy Officer. "We are entering this Holiday season with the healthiest and most consumer-inspired inventory in our history -- down 2% despite tiering up our Accessible Luxury offering and with clearance at the lowest levels since our transformation began, excluding acquisitions.”

Photo: Signet Jewelers