Bermudian-based Signet Jewelers, the world’s largest retailer of diamond jewellery, declared unaudited net income of $11.7 million for the quarter to October 28, a dramatic drop from the $37.5 million in the same period last year.

But the nine-month figures were $184.2 million, up from $99.4 million in the same period in 2022.

Signet reported GAAP operating income of $13.3 million for the third quarter of fiscal year 2024, down $35.1 million year-over-year.

The company reported sales in the quarter of $1.4 billion, down $190.8 million or 12.1 per cent.

Cash and cash equivalents, at quarter end, were $643.8 million, compared with $327.3 million in Q3 of FY23.

Signet chief executive Virginia C. Drosos said: "We delivered earnings on the high end of our expectations driven by continued progress on our strategic goals.

“We believe our extensive consumer insights provide a competitive advantage that has contributed to continued bridal market share gains and consistency in average transaction value again this quarter.”

She added: "Trends through Black Friday weekend, including sequential improvement in engagement trends, are performing in line with guidance expectations for the fourth quarter.

“As we enter the holiday season, jewellery remains a top-of-mind gifting category for consumers in a value-conscious shopping environment.”

Joan Hilson, chief financial, strategy and services officer, added: “We’re reaffirming guidance for FY2024 with the full-year outlook updated for the profitable and strategic sale of 15 primarily luxury watch stores in the UK.

“We continue to make progress expanding gross margin through merchandise and sourcing strategies and growth in services revenue.

“Cost savings initiatives are on track and healthy inventory enables product newness as we enter the holiday season and improved free cashflow, allowing Signet to return nearly $160 million to shareholders already this year.”