you, have call happy today. And for your us to extensive the all joining to you thanks experience joining you We're and appreciate earnings of today Signet you first Thank Rob. bring.
I Before prepared thank our remarks, team. to getting Signet into our want
to to to thanks to their as continues on pressured agility this a be we excellent Our lead company work In team. commitments, of a and work service. great recognized the place because alongside. people delivered proud I'm outstanding quarter, our customer we
my today. are three I'd There reinforce messages, to remarks key like in
we QX, quarter. worsened commitments in despite in our macroeconomic bottom that and late line First, headwinds the achieved revenue
[dating resulting there the predicted, ago. were in we quarter Additionally, years from of COVID's disruption [ph] engagements three] as fewer
well reflect operating in fashion, we've to agility in flexible services results we trends to in These innovation competitive model. as margin leveraged the and softening team our high strategic April, respond quickly promotions built our and pressures. late as Given
macro on revenue spending. pressure conditions, Second, adjusting year reflecting market current based the are expectations we for increasing lowering on our guidance consumer
continues double-digit line, deliver On the at model our a operating bottom to annual rate.
invest that advantages and business. driving in sustainable our we moat intentionally However, the to around believe are creating expand we choosing capabilities growth the market to share are competitive
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Third, remain outlined that our Investor our in we confident mid-term we goals Day. at April
[ph], insights proprietary engagements fact, In market to give the will increased positioning accelerate ourselves at consumer growth. recover that share XXXX] our begin and confidence us end of to we're [fiscal
we've sales which more Turning quarter, and in in being to in the second late continue we guidance. the in and quarter, XX% of million at high-end an the to expected deteriorated than which bridal, the non-GAAP this billion operating $XXX income, quarter. We in we business $X.X both that our in our delivered nearly achieved despite environment decline of seen
and factors an points them. spending based economic led regional triggered industry important in conditions the swing that jewelry external drivers quarter, bank confidence, of recent in the failures, inflation Bridal across trend were by I'll The in of concerns on macroeconomic continued comment a weakening additional consumer lower to on estimate tax reports. we both XX and so refunds, two
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points the year. as at see to case In for fashion, lower continue past pressure price the been has we
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analytics to final like The highlight is strength value I'd data and our capabilities. digital the
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unfolds. to We are investing win as this
data example our Personalized capabilities. marketing another is of
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platform, enables in Our customer new still data which our journeys, relatively personalized is implementation.
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that believe doubling to early success, ultimately in up save annually million $XX our this expectation clear avoided [loose us we to time. million in stones] advantage, This level our with competitive cost a and macro early gives of million but $XX our $XXX now year of headwinds. cost implementation, are on already over current can Based transparency to QX, particularly savings increases mid-single-digit we estimate we [ph]. we We're from
to continue we've and to underscore and working. make The point create advantages capabilities of to examples critical these competitive investments strengthen the that made are is
around allows position Signet to gains. share to widen and Our financial strength business market ongoing investing the keep us mode for our
our now I'll guidance touch update. on briefly
As $X.X QX revising to a throughout the deteriorating lower year. late the a billion saw result and consumer guidance of in trends spending and patterns year we of these account and May, top billion. to environment revenue macro reflect balance be expect the for for range continuation line of of on for we impact forecast the to outcomes between We’ve to updated our now $X.X are
sales May grow on Based larger us a industry, in we market guide pointing are as data for trends the share to believe to and across current industry. the decline positions this June
I tough earlier, As operating our double-digit provides said even model macroenvironment. in a margins
to OpEx our investments These in and by our us double-digit our IT the $XXX ability to pressure below placing of digital increasing capital, target and We investments confidence temporarily X.X%. margins million of X.X% year will a a recovery in in X is our engagements to $XX range this enhance million approximately of goals. are of point, demonstration mid-term achieve our to maintaining nearly up and which capabilities in
this bridal us that take the investments the in and recovery these capture headwinds year to share received. macro strategically Importantly, later advantage position will when begin of current expected
is Our gives our us and flexible in sheet place and fortressed this balance model working, opportunity. operating
in relevant opportunity our to We're through [heightens stimulate value. We're also create to taking innovation key personalized focus all at newness on inventory while working turn] customer faster our newness competition, and three and right areas. our excellent markets balancing the the gives strategic to us our scale points than within promotions, allows We assortments, our our demand inventory position. price lean believe to [ph] us bring heightening and action journeys,
not And $XXX million stores we doubling our expectations Secondly, million] and meeting this close $XXX [$XXX million. productivity. our year over [ph] to are third, fleet plan initiatives ongoing to optimization than the we're for to savings XX months accelerating our next more up cost from to are that XXX
our flexible the that in ability to current to April to and focusing today. more macroeconomic guidance our both continuing and we growth, messages invest intentionally while recovery line Investor driving I'll bottom the coming core We're remain confident conditions, market mid-term delivered Joan significant adjusting reflect are Day. and to revenue back and operating and We will QX goals by we despite pressure, close in we engagements capabilities provide at achieve commitments of perspective, in that we're share believe but on model. our reflecting agility our outlined just the our the
pass to it that I'll Joan. On over note,
