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"Sales of US Diamond Jewellery Giant Signet Jewelers Drop 5% in Q4 2022"

US-based Signet Jewelers, the world's largest retailer of diamond jewellery, reported a 5% decline in sales in Q4 2022. The sales figure stood at $2.67 billion, while same-store sales dropped 9% YoY. The retailer's profit also decreased by 12% in the same period. Signet CEO Virginia C. Drosos remains optimistic about the future, stating confidence in the sustainable competitive advantages they have built and their ability to leverage their enhanced infrastructure to grow ahead of the jewellery industry. The decline in sales was attributed to various factors such as extreme weather conditions, labour strikes, and weakened currency in the UK. Signet also anticipates a shift in consumer discretionary spending away from the jewellery category in the coming year.

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