Signet Jewelers Limited (NYSE:SIG) Q2 2025 Earnings Conference Call September 12, 2024 8:30 AM ET

Company Participants

Rob Ballew - SVP, IR
Gina Drosos - CEO
Joan Hilson - Chief Financial, Strategy and Services Officer

Conference Call Participants

Ike Boruchow - Wells Fargo
Paul Lejuez - Citi
Lorraine Hutchinson - Bank of America
Jim Sanderson - Northcoast Research
Mauricio Serna - UBS
Dana Telsey - Telsey Group

Operator

Good morning, and welcome to the Signet Jewelers Second Quarter Fiscal 2025 Earnings Call. [Operator Instructions] Please note, this event is being recorded. Joining us on the call today are Rob Ballew, Senior Vice President of Investor Relations; Gina Drosos, Chief Executive Officer; and Joan Hilson, Chief Financial, Strategy and Services Officer.

At this time, I would like to turn this conference over to Mr. Rob Ballew, Senior Vice President of Investor Relations. Please go ahead, sir.

Rob Ballew

Good morning. Welcome to Signet Jewelers second quarter fiscal '25 earnings conference call. During today's discussion, we will make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties. Actual results may differ materially.

We urge you to read the risk factors, cautionary language and other disclosures in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events. During the call, we will discuss certain non-GAAP financial measures. For further discussion of the non-GAAP financial measures as well as a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release we posted on our website at ir.signetjewelers.com.

With that, I'll turn the call over to Gina.

Gina Drosos

Thanks, Rob, and good morning, everyone.

I'd like to first thank our Signet team for delivering another quarter of sequential same-store sales improvement and an encouraging start to the third quarter. Our team is our greatest competitive advantage and the key to our success. That's never more abundantly clear to me than at earnings time, when we have the chance to see the tangible impact of our knowledgeable, dedicated and empowered team members. I'd like to leave you with three key takeaways today.

First, we continue to see momentum in same-store sales, improving more than 5 points from the first quarter, led by strong Fashion sales to deliver results in the top half of our expectations. This sequential acceleration is both the fifth consecutive quarter of same-store sales improvement and the largest improvement we've delivered in more than two years, driven by higher levels of new and innovative merchandise as we emerge from the Engagement trough caused by COVID.