"Signet's strong performance this quarter reflects our team's successful execution and agility amidst retail headwinds," said Virginia C. Drosos, Chief Executive Officer. "We generated nearly 9% topline growth, including 2.6% organic sales growth, enabled by our healthy inventory position, connected commerce capabilities and data-driven marketing. Customers responded to the breadth and newness within our assortment, particularly higher price point offerings, diamonds and precious metals. Our scale, strong balance sheet, and diversified banner portfolio provide flexibility to navigate macro level uncertainties, deliver consistent annual double-digit operating margin, and continue investing in differentiated capabilities to widen our competitive advantages."

"We are reaffirming our annual guidance and expanding our share repurchase authorization by $500 million," said Joan Hilson, Chief Financial and Strategy Officer. "While we anticipated and experienced softening within lower price points resulting from heightened inflation and the lack of stimulus, we delivered offsets through tailored assortments, digital capabilities and enhanced services to maintain higher average transaction values. At this time, we continue to focus on the factors under our control and leverage our competitive advantages as we navigate the impact of this macro-economic environment on consumer behavior. We believe that the strategies, agility and discipline of our team will enable us to continue to drive long-term value for our shareholders."

First Quarter Fiscal 2023 Highlights:

• Total sales were $1.8 billion, up $149.5 million or 8.9% to Q1 of FY22.
• Same store sales ("SSS") up 2.5% ⁽¹⁾ to Q1 of FY22.
• GAAP operating income of $0.2 million, down from $168.7 million in Q1 of FY22, including the impact of charges related to the resolution of previously disclosed litigation.
• Non-GAAP operating income⁽²⁾ of $194.6 million, up from $168.9 million in Q1 of FY22.
• GAAP diluted loss per share of $1.89, down from a diluted earnings per share ("EPS") of $2.23 in Q1 of FY22, including $2.92 in charges related to the resolution of previously disclosed litigation, $2.19 in non-cash charges related to the buy-out of substantially all of the UK pension plan obligations and $0.07 in charges relating to the fair value adjustment of acquired inventory.
• Non-GAAP diluted EPS⁽²⁾ of $2.86, up from $2.23 in Q1 of FY22.
• Cash and cash equivalents, at quarter end, of $927.6 million.
• Cash used for operating activities of $135.5 million, down approximately $297 million to Q1 of FY22 and driven by inventory in-stock replenishment.
• Completed $318.2 million of share repurchases during Q1, including $50 million related to completion of the previously announced accelerated share repurchase ("ASR") agreement.