Revenue decreased by 7.6 per cent on a year-on-year comparison, reaching $USD1.49 billion ($AUD2.21 billion) for the three months ending 3 August. First-half sales declined by 8.5 per cent on a year-on-year comparison.
In recent years, Signet has repeatedly forecast a significant increase in engagements in the US based on extensive consumer data analysis.
In an interview with CNBC, CEO Virginia C Drosos described consumers as particularly selective.
“We thought that engagements might come back a little faster, but there is a cautious consumer,” she said.
“So, what we’re seeing is that there are more couples that at any time in the last several years who are ready to get engaged, but they may be just taking a little bit longer as they’re shopping.”
The statement from Signet suggested that engagements had been rising slower than expected and that macroeconomic factors negatively impacted consumer spending.
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