MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
FinancialsJun 09, 2020
Signet Sales Sink 40% Amid Pandemic-Induced Store Shutdowns
COVID-19 forced Signet to take a hard look at its fleet of physical stores and upgrade its online capabilities.
While all its stores were closed in the first quarter, Signet-owned chain Jared the Galleria of Jewelry launched virtual weddings. CEO Gina Drosos said that within 72 hours of the offer’s launch, 500 people signed up to get married online.
Akron, Ohio—Signet Jewelers Ltd. CEO Gina Drosos started the company’s earnings call Tuesday morning with a statement about the civil unrest sweeping the nation following the murders of George Floyd and Breonna Taylor.
“While these are truly unprecedented times, from the COVID-19 pandemic to economic uncertainty, nothing has matched the pain and heartache of yet another brutal murder of an unarmed person of color,” she said.
“This pattern of discrimination and violence must stop now. Racism has no place in our world, and certainly not in a country dedicated to protecting life, liberty and the pursuit of happiness for all.”
Drosos made her company’s stance public in a LinkedIn post last week, and Signet has made a $100,000 donation to the NAACP Legal Defense and Educational Fund.
Drosos said Tuesday she is hosting an open mic town hall-style meeting with Signet team members next week. Called Signet Speaks Out, it will be a “frank discussion on race” intended to give the retailer ideas for actions it can take within the company, in communities and in the jewelry industry.
“At Signet, our mission is to ‘Celebrate Life and Express Love,’ and we are committed to making this true for all people,” Drosos said.
Signet started the year with “strong momentum,” recording “solid” year-over-year comps at the end of February, with a low-single-digit increase in same-store sales.
Then COVID-19 hit and the retailer made the decision to close all its stores in North America, furloughing the majority of store and support center employees and cutting executive salaries, in late March.
Signet ended the first quarter, which ended May 2, with a 39 percent year-over-year decline in same-store sales, while total sales dropped 40 percent to $852.1 million compared with $1.43 billion last year.
E-commerce sales were up 7 percent to $164.7 million including the impact of the temporary closure of the James Allen distribution center in New York, the epicenter of the COVID-19 pandemic.
Excluding the shutdown, Signet saw online sales climb 18 percent, including a 55 percent increase in April.
In North America, same-store sales were down 39 percent. Average transaction value declined 7 percent while the number of transactions was down 35 percent.
Payment plan participation rate, including both credit and leasing sales, for Q1 was 43 percent versus 50 percent in the first quarter last year, reflecting both the greater proportion of online sales and macroeconomic conditions.
Signet
recorded a loss of $291 million in the quarter.
RELATED CONTENT: 7 Tips for Keeping Your Online Business Rolling
As it did with so many retailers, the COVID-19 pandemic forced Signet to take a hard look at its fleet of physical stores while also upgrading its online capabilities.
During the call, Drosos cited a quote from a “sage” mentor of hers—“Never waste a crisis”—and ran through a list of the changes Signet is making.
The retailer, which closed 13 percent of its stores last year, moving out of Class B malls and shuttering its regional banners, will not reopen at least 150 stores in North America and 80 in Europe following the pandemic.
In addition, Signet will close an additional 150 stores this fiscal year, resulting in a 20 percent reduction in its physical footprint.
As of Feb. 1, Signet operated a total of 3,208 stores, 2,757 in North America and 451 in the U.K.
Drosos said in deciding which locations to close, the company mapped the country in a Greenfield analysis—a method of determining the optimal number of store locations based on demand—to determine which markets warrant one store, two stores, etc.
“We’ve used that customer-first lens to decide what our future store footprint should look like,” she said.
Online in Q1, Signet launched virtual consultations, conducting over 100,000 in the period, while also making progress on targeted marketing efforts and having a “more relevant and curated” merchandise mix.
Drosos also mentioned the virtual weddings offered by Jared the Galleria of Jewelry, saying the retailer had 500 people sign up to get married online in 72 hours.
Signet has begun reopening stores and Drosos said the retailer will have at least 75 percent of its locations open by the end of the month. It is using a “hyperlocal” approach to reopening stores, heeding guidance from local authorities.
She said for the stores that have reopened, revenue is covering operating costs on a four-wall basis.
Signet is not providing guidance for FY 2021 due to the “continuing level of uncertainty.”
RELATED CONTENT: 7 Tips for Keeping Your Online Business Rolling
As it did with so many retailers, the COVID-19 pandemic forced Signet to take a hard look at its fleet of physical stores while also upgrading its online capabilities.
During the call, Drosos cited a quote from a “sage” mentor of hers—“Never waste a crisis”—and ran through a list of the changes Signet is making.
The retailer, which closed 13 percent of its stores last year, moving out of Class B malls and shuttering its regional banners, will not reopen at least 150 stores in North America and 80 in Europe following the pandemic.
In addition, Signet will close an additional 150 stores this fiscal year, resulting in a 20 percent reduction in its physical footprint.
As of Feb. 1, Signet operated a total of 3,208 stores, 2,757 in North America and 451 in the U.K.
Drosos said in deciding which locations to close, the company mapped the country in a Greenfield analysis—a method of determining the optimal number of store locations based on demand—to determine which markets warrant one store, two stores, etc.
“We’ve used that customer-first lens to decide what our future store footprint should look like,” she said.
Online in Q1, Signet launched virtual consultations, conducting over 100,000 in the period, while also making progress on targeted marketing efforts and having a “more relevant and curated” merchandise mix.
Drosos also mentioned the virtual weddings offered by Jared the Galleria of Jewelry, saying the retailer had 500 people sign up to get married online in 72 hours.
Signet has begun reopening stores and Drosos said the retailer will have at least 75 percent of its locations open by the end of the month. It is using a “hyperlocal” approach to reopening stores, heeding guidance from local authorities.
She said for the stores that have reopened, revenue is covering operating costs on a four-wall basis.
Signet is not providing guidance for FY 2021 due to the “continuing level of uncertainty.”
More on Financials
The Latest
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
