CrimeFeb 05, 2025
‘The Timepiece Gentleman’ Sentenced to 5-Plus Years Behind Bars Luxury watch dealer Anthony Farrer pleaded guilty late last year to defrauding clients in a scheme with Ponzi-type elements.
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
Editors' Picks
Sponsored by
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
TrendsFeb 05, 2025
Amanda’s Style File: Feeling Fabulous in FebruaryCelebrate February birthstones and the gem shows in Arizona this month with a versatile stone like amethyst.
MajorsFeb 05, 2025
DCA Promotes Kristen Scheetz to Director of Education, MembershipScheetz has been with the nonprofit since 2007.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
SourcingFeb 04, 2025
New Deal With Botswana Is Done, De Beers Confirms The agreement will allocate an increasing proportion of the country’s rough diamonds to the government of Botswana over the next decade.
Weekly QuizJan 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsFeb 04, 2025
Van Cleef & Arpels’ Astronomy-Inspired Jewelry to Land at AMNH“Cosmic Splendor: Jewelry From the Collections of Van Cleef & Arpels,” opens April 11 at the American Museum of Natural History.
SurveysFeb 04, 2025
Valentine’s Day Jewelry Spending Forecast to Hit Record High, Says NRFThose celebrating Valentine’s Day this year are expected to spend a record $27.5 billion on jewels, flowers, candy, and more.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
EditorsFeb 03, 2025
Best Jewelry Moments From the 2025 Grammy Awards From Lady Gaga’s 1930s Tiffany & Co. necklace to Taylor Swift’s “T,” Michelle Graff recaps the night’s most memorable jewelry looks.
MajorsFeb 03, 2025
Qurate to Close HSN’s Florida HQ Amid RestructuringLayoffs will reportedly start next month as HSN plans to move into QVC’s location in Pennsylvania.
EditorsFeb 03, 2025
Q&A: 5 Jewelry Designers on Shopping the 2025 Tucson Gem ShowsA group of creatives talked to Associate Editor Lauren McLemore about their approach to the annual Tucson gem, mineral, and fossil shows.
AuctionsJan 31, 2025
Elizabeth Taylor’s Diamond Bracelet Outshines Estimate at U.K. AuctionThe auction also featured the sale of a Cartier necklace made when Egyptomania was sweeping Great Britain.
CollectionsJan 31, 2025
Piece of the Week: Lalaounis’ Good Luck Charm for 2025The “Blossom Rosette” blooms with love, beauty, and hope for the year ahead.
IndependentsJan 31, 2025
Harvey Rovinsky, Longtime Owner of Bernie Robbins Jewelers, Dies at 77Rovinsky is remembered as a great mentor who made the employees of his stores feel like family.
Events & AwardsJan 31, 2025
Facets of Fire Has a Diamond Challenge for RetailersFor every jeweler who tries their luck, the company will make a donation to Jewelers for Children.
MajorsJan 30, 2025
WJA Chapter Leaders Resign as Fallout From DEI Remarks SnowballsThe boards of at least five chapters have resigned in response to controversial statements the WJA national board president made last month.
Policies & IssuesJan 30, 2025
RJC Executive Director Melanie Grant Is Stepping Down An experienced jewelry writer and curator, Grant led the organization for two years.
CollectionsJan 30, 2025
Pharrell Williams Brings Tahitian Pearls to His New Tiffany & Co. CollectionFive new designs were added, all donning Tahitian cultured pearls and spear-like trident motifs, along with the new “Titan” setting.
Events & AwardsJan 30, 2025
Registration Open for Converge 2025The inaugural event is being co-hosted by the American Gem Society and the Gemological Institute of America.
MajorsJan 30, 2025
24 Karat Club of New York Elects 5 New MembersJewelers of America’s Annie Doresca and AGTA CEO John W. Ford Sr. are among the new members.
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
Events & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
SourcingJan 28, 2025
WFDB Joins Efforts to Promote Natural Diamonds With New CampaignThe “Moments” social media campaign emphasizes the emotional ties between natural diamonds and life’s special milestones.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
SourcingJan 28, 2025
Botswana’s First Olympic Gold Medalist Is Now a De Beers Ambassador Letsile Tebogo will help to promote natural diamonds and the good they have done for his country.
