Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
FinancialsJun 15, 2020
Signet’s SEC Filing Lays Bare Its COVID-19 Concerns
The retailer is worried about customers’ willingness to visit stores and what a second wave of the virus would mean for business.
As part of Signet’s reopening plans, employees are wearing masks and gloves and regularly cleaning stores. In a recent SEC filing, the retailer listed consumers’ health and safety concerns regarding in-store shopping as one of the risk factors that could impact business. (Photo courtesy of Signet Jewelers)
Akron, Ohio—Signet Jewelers Ltd. said it needs more time to submit its latest Form 10-Q to the U.S. Securities and Exchange Commission as it assesses the impact of the coronavirus pandemic.
In a filing made last week, the retailer said an extension is necessary because it has “experienced significant disruptions due to the unprecedented conditions surrounding the COVID-19 pandemic.”
In its first quarter, which ended May 2, Signet reported a 39 percent year-over-year decline in same-store sales, while total sales dropped 40 percent.
The retailer closed all its stores in late March due to the pandemic, and furloughed most of its store and support center employees while slashing executive salaries.
Signet released interim financial results June 9, but the company said it will need to further evaluate the impact before submitting its finalized report.
“The full extent of COVID-19 on the company’s operations, financial performance, and liquidity, depends on future developments that are uncertain and unpredictable,” it said.
The retailer is updating its “Risk Factors” section for the SEC to include “public health crises or disease outbreaks, epidemics or pandemics” as a threat to its business, jeopardizing finances, debt levels, ability to raise capital, lease obligations, and more.
While its ecommerce business performed well in its first quarter, the company noted the “shutdown of the New York diamond operations”—meaning the forced closure of its James Allen distribution center in New York City—took a toll on online sales.
Signet said it’s possible the ecommerce business will be impacted by a number of factors, including the COVID-19 pandemic, economic downturn, and additional state and federal mandates to close retail stores.
Its global supply chain overall was interrupted, said Signet, and could be further interrupted, increasing the costs of production and distribution.
RELATED CONTENT: Here’s How Signet Is Reopening Its StoresThough Signet has begun reopening stores in select locations, it temporarily closed a small percentage of its stores “in connection with the widespread protests across the country and out of concern for the well-being of its customers and employees.”
Signet noted in its risk factors that even after stores are reopened, there is “significant uncertainty” around customers’ willingness to visit.
Though the retailer has implemented safety procedures at its reopened stores, it can’t say for sure how effective they will be and how any virus-related illness linked, or said to be linked to, its stores could harm its reputation and balance sheet.
Signet also noted the impact of the
pandemic on its employees. Employees who are sick, quarantined, or otherwise kept from work and travel could have “adverse impacts” on the company.
Signet is expected to file its final 10-Q no more than 45 days from the initial due date of June 11.
Signet is expected to file its final 10-Q no more than 45 days from the initial due date of June 11.
More on Financials
The Latest
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
SourcingApr 11, 2025
Mikimoto Names New President, CEO for U.S. DivisionKentaro Nishimura, who has been with the pearl company since 1997, has been promoted to president and CEO of Mikimoto America.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
