Bermudian-based Signet Jewelers Limited, the world’s largest retailer of diamond jewellery, has reported GAAP operating income of $48.4 million for the 13 weeks ended October 29.

The company said that third-quarter fiscal 2023 result was down from $106.9 million in Q3 of FY22.

Non-GAAP operating income was $57.9 million, down from an historic peak of $105.2 million in Q3 of FY22 and up from a loss of $29.3 million in Q3 of FY20.

The company noted that in the two years prior to the pandemic, the third quarter generated operating losses.

Total sales for the quarter were $1.6 billion.

Virginia C, Drosos, the chief executive, said: "Our strong third-quarter results exceeded guidance and evidence why we believe Signet is uniquely positioned to deliver consistent market share growth and value creation.

"Our financial strength and flexible operating model are enabling continued strategic investments that are widening our competitive advantages.

“We have acquired 22.5 million new customers over the past five years, driving revenue and market share growth, and these customers are younger, more affluent and highly diverse with meaningful lifetime purchasing power.

“Our team's culture of innovation, agility and rigorous execution continue to drive advantage."