A pedestrian walks past a Zales store in New York.
Scott Eells | Bloomberg | Getty Images
Signet Jewelers said Tuesday that it will acquire online jewelry retailer Blue Nile for $360 million in an all-cash deal, in a bid to appeal to younger consumers and grow its bridal business.
Separately, Signet cut its financial forecast for the second quarter and full year fiscal 2023, given “heightened pressure on consumers’ discretionary spending” and other macroeconomic headwinds.
Chief Executive Officer Virginia Drosos said the company started to see softer sales in July as shoppers began to reign in their spending amid 40-year-high inflation.
The parent company of Zales, Jared and Kay Jewelers said it sees second-quarter revenue of about $1.75 billion and non-GAAP operating income totaling roughly $192 million.
The company now expects fiscal 2023 sales to be between $7.60 billion and $7.70…