![]() The lawsuit went to arbitration, with Signet denying all of the allegations. Signet reported it lost $83.5 million, or $1.89 per share, on revenue of $1.84 billion for the first quarter ending April 30. That compares to a profit of $138.4 million, or $2.49 per share, on revenue of $1.69 billion a year ago.Īdjusted earnings that do not include the one-time $190 million charge showed a profit of $2.86 per share for the first quarter of 2023, up from $2.23 a share a year ago, the company said. The company said it expects to fund the settlement in its fiscal 2023 third quarter if the agreement is approved. The deal still needs approval from an arbitrator, the company said in its quarterly filing with the Securities and Exchange Commission. The agreement would end legal proceedings that began in March 2008. Signet reported a strong first quarter for fiscal 2023 even as its net income showed a loss because of a one-time charge of $190 million related to the proposed legal settlement. In addition, Signet said in recent years it has made diversity, equity and inclusion an integral part of its business strategy and has new development programs in place for employees interested in being promoted to managers. ![]() The company said it has discontinued pay and promotions practices that were part of the lawsuit. And we applaud Sterling Jewelers for undertaking important and meaningful changes to its workplace policies, which have moved it forward as a leader in gender equality,” Joseph Sellers, lead counsel from the law firm of Cohen Milstein Sellers & Toll PLLC, said in the statement. This settlement provides for significant monetary relief for our clients and ensures that the practices that gave rise to this case will not recur. “On behalf of our legal team, we applaud the courage of our clients in the pursuit of this case of singular importance to protecting the rights of women in the workplace. The lead counsel for the plaintiffs said the settlement provides for "significant monetary relief." We look forward to continuing our focus on diversity as an important business strategy for Signet, and propelling the innovation, growth, and opportunity that allows our team and company to shine.” “This settlement is an important step in bringing closure to a nearly 15-year-old case. We believe prioritizing diversity, equity and inclusion grows high-functioning teams and fosters a culture of appreciation and development,” Gina Drosos, Signet chief executive officer, said in the statement. I want to thank our dedicated team members for helping to create our welcoming and inclusive environment where everyone is invited to be their authentic self. “For the past four years, we’ve been successfully transforming Signet’s business model and culture. Virginia Drosos, chief executive officer of Signet Jewelers
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