Bermudian-based Signet Jewelers, the world's largest retailer of diamond jewellery, had decreased total sales for the year to February 3, down $671 million or 8.6 per cent from the previous year to $7.2 billion.

The company said that Q4 of FY24 included a $4.94 per share benefit of a deferred tax asset related to the enactment of the Corporate Income Tax Act 2023 in Bermuda.

The company said: “On a GAAP basis, income tax benefit was $199.2 million compared to income tax expense of $89.5 million in the prior year quarter.

“This reflects the impact of a $263 million deferred tax asset recorded in the fourth quarter related to the enactment of the CITA2023 in Bermuda.

“CITA2023 includes an economic transition adjustment, which is intended to be a fair and equitable transition into the new tax regime for companies in Bermuda and results in a deferred tax benefit to the company.

“The company will be subject to the new tax in Bermuda beginning in fiscal 2026.”

Signet has reported GAAP operating income of $621.5 million for fiscal year 2024, which compares with $604.9 million in the prior year.

Fourth-quarter operating income was $416.3 million, up on the Q4 2023 figure of $369.5 million. GAAP diluted earnings per share was $11.75, compared with $5.02 in Q4 of FY23.

Signet chief executive officer Virginia C Drosos said: "We drove gross margin expansion of 160 basis points and sustained average transaction value this quarter by executing on our strategy of building brand equity, customer experience innovation, and accelerated sell through on product newness as offsets to heavy discounting by competitors.”

She added: "As we look to fiscal 2025, we are expecting sequential same-store sales improvement over the year as engagements gradually recover. We believe we're positioned to win new customers through our marketing personalisation, growing consumer-inspired product newness and aggressive expansion of our service business."

The company said that its board of directors had appointed Helen McCluskey to succeed Todd Stitzer as Signet's non-executive chairman.

Mr Stitzer’s 12-year tenure will end at June’s annual meeting of shareholders.