Bermudian-based Signet Jewelers, the world’s largest retailer of diamond jewellery, has reported GAAP operating income of $90.2 million for the second quarter of fiscal year 2024, down $96.6 million from the same quarter the previous year.

Non-GAAP operating income for the 13 weeks ended July 29 was $102.7 million, down $90.5 million.

The company reported sales in the quarter of $1.6 billion, down $141.3 million or 8.1 per cent year-over-year.

Cash and cash equivalents, at quarter end, were $690.2 million, compared with $851.7 million in the second quarter of fiscal year 2023.

The company acquired SJR National Repair, a full-service jewellery and watch repair services business and jewellery retailer, for approximately $6 million in July.

It said this acquisition complemented the recent transition of Signet’s Blue Nile Seattle Fulfilment Centre to a new enterprise-wide repair facility called Signet Services Washington.

These additions expand the company’s repair network to a total of more than 260 locations with more than 1,800 jewellers.

Signet’s full-year fiscal 2024 guidance for total sales is $7.1 billion to $7.3 billion. Guidance for operating income is $635 million to $675 million.

“Our team’s focus on the consumer enabled us to exceed our revenue and bottom-line commitments in the quarter while also advancing our strategic priorities. We remain confident in our ability to achieve our fiscal 2024 guidance,” said Signet chief executive Virginia Drosos.

“Our reimagined merchandise assortment and upcoming holiday season initiatives will leverage our investments in innovation, digital capabilities, and data analytics to widen our competitive advantages. We believe the upcoming multi-year recovery of engagements remains on track to begin in the fourth quarter of this year.”