Revenue decreased by 3 per cent to $USD1.35 billion ($AUD2.11 billion) on a year-on-year comparison for the period ending 2 November. Profit declined by 40 per cent by the same metric.
For the first nine months of the financial year, revenue has decreased by 7 per cent on a year-on-year comparison to $USD4.35 billion ($AUD6.80 billion).
In a statement, the company highlighted a slower-than-expected recovery in engagement jewellery sales, among other factors impacting revenue. Chief financial and operating officer Joan Hilson said the market remains competitive.
“New fashion merchandise, which carries a higher transaction value, and continued recovery in engagement combined to maintain both average transaction value and merchandise margin in a competitive environment,” she said.
Signet has forecast sales of between $USD6.74 billion ($AUD10.53 billion) and $USD6.81 billion ($AUD10.64 billion) for the current financial year. This would mark a decline of between 5 and 6 per cent.
The company anticipates sales of between $USD2.38 billion ($AUD3.72 billion) and $USD2.46 billion ($AUD3.84 billion) in the fourth quarter.
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