TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
FinancialsSep 03, 2020
Signet’s Q2 Sales Slide 35% As It Leans on E-Commerce
The retailer has created a full-time virtual selling team to serve customers “wherever they want to shop” for the upcoming holiday season.
A Signet employee, wearing a face mask and gloves, cleans around the store. The jewelry giant posted a 35 percent year-over-year drop in second-quarter sales. (Photo courtesy of Signet Jewelers)
Akron, Ohio—Signet Jewelers Ltd.’s sales saw improvement in the second quarter as stores began to reopen, but the jewelry giant still leaned heavily on its growing online sales.
In the second quarter ending Aug. 1, sales totaled $888 million, down 35 percent year-over-year, with same-store sales dropping 31 percent, the retailer reported Thursday morning.
Year-to-date, Signet’s sales have totaled $1.74 billion, down 38 percent year-over-year, with same-store sales sliding 35 percent.
When COVID-19 hit, 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.
Stores began to reopen in May, with around 20 percent of Signet’s stores operational then. Seventy-five percent were open by the end of June, and 90 percent by mid-July.
Brick-and-mortar sales improved alongside store reopenings, said Signet, but ultimately declined 46 percent in the second quarter.
Online sales were up 72 percent year-over-year to $270.1 million.
On the company’s earnings call Thursday morning, CEO Gina Drosos noted that 40 percent of purchases in the second quarter came from new customers, many of whom were acquired online.
Signet’s e-commerce momentum continued in the third quarter with preliminary data showing August e-commerce sales up 65 percent, while same-store sales have climbed 11 percent.
The company is leaning heavily on its digital capabilities, implementing a full-time virtual selling team and training 15,000 store associates to work virtually with customers from their homes or in stores.
RELATED CONTENT: Here’s How Signet Is Reopening Its Stores
“Signet’s store footprint, combined with recognized jewelry expertise and new virtual selling capabilities, is a strategic, competitive advantage in the jewelry category where trust and counseled selling is important, especially in bridal,” said Drosos.
Signet said it served more than 300,000 customers via virtual consultations and curbside pickup in the second quarter and increased its e-commerce distribution throughput five-fold.
“While the macro environment remains uncertain, the company believes that it is prepared, through both its virtual and physical footprints, to serve customers wherever they want to shop and however this upcoming holiday season unfolds,” Signet said in the press release on its results.
In North America, where Signet’s banners include Kay, Jared and Zales, second-quarter same-store sales sank 31 percent to $823 million.
While brick-and-mortar same-store sales in the region fell 45 percent, online sales were strong, climbing 73 percent.
The average transaction value (ATV) was up 2 percent, but the number of transactions fell 28 percent.
A
greater proportion of online sales in the second quarter hurt Signet’s payment plan participation rate, which includes credit and leasing sales. It was 40 percent in the quarter, down from 52 percent last year.
In the U.K., same-store sales were down 39 percent.
Brick-and-mortar sales sank 55 percent while e-commerce sales were up 66 percent. ATV increased 11 percent while the number of transactions dropped 43 percent.
Product-wise, Drosos noted that more customers were buying meaningful, sentimental, and religious jewelry amid the COVID-19 pandemic.
Sales in the bridal category sank 27 percent to $445.9 million year-over-year in the second quarter and fell 37 percent to $788.1 million in the half-year.
Customizations services, like those offered by Neil Lane and Vera Wang, were a driver in bridal sales, said Drosos.
Signet’s research found that more than 50 percent of non-engaged couples are quarantining together and half of them said their relationship had gotten stronger. Only seven percent said it had gotten worse.
She said the results signal “a nice tailwind in the bridal business.”
Sales in of fashion jewelry dropped 33 percent to $307.2 million year-over-year in the second quarter and fell 35 percent to $617.7 million in the half-year.
In the watches category, quarterly sales were down 50 percent to $46.1 million year-over-year and down 50 percent to $88.2 million in the half-year.
By banner, Kay Jewelers posted quarterly sales of $325 million, down 39 percent year-over-year while Jared’s quarterly sales dipped 34 percent to $168.5 million.
Zales’s quarterly sales were down 34 percent to $185.1 million while Piercing Pagoda’s sales fell 20 percent to $59.3 million.
E-tailer James Allen was the sole gainer, posting quarterly sales of $64.3 million, up 20 percent year-over-year.
The retailer began testing out James Allen store-in-stores in Jared locations to give the banner a “curated, physical presence.” The concept will be gradually expanded to 80 locations, or one-third of Jared’s fleet.
Looking at its store count, Signet closed 293 of the 380 stores it plans to shutter this fiscal year, mostly in traditional mall locations.
As for the holiday season ahead, Signet will be launching new products this month in preparation.
“Fifty-one percent of customers are planning to shop earlier this holiday season than they have in the past, so we’ll be ready for that,” said Drosos.
In light of the coronavirus pandemic, Signet declined to provide financial guidance for the remainder of fiscal 2021.
In the U.K., same-store sales were down 39 percent.
Brick-and-mortar sales sank 55 percent while e-commerce sales were up 66 percent. ATV increased 11 percent while the number of transactions dropped 43 percent.
Product-wise, Drosos noted that more customers were buying meaningful, sentimental, and religious jewelry amid the COVID-19 pandemic.
Sales in the bridal category sank 27 percent to $445.9 million year-over-year in the second quarter and fell 37 percent to $788.1 million in the half-year.
Customizations services, like those offered by Neil Lane and Vera Wang, were a driver in bridal sales, said Drosos.
Signet’s research found that more than 50 percent of non-engaged couples are quarantining together and half of them said their relationship had gotten stronger. Only seven percent said it had gotten worse.
She said the results signal “a nice tailwind in the bridal business.”
Sales in of fashion jewelry dropped 33 percent to $307.2 million year-over-year in the second quarter and fell 35 percent to $617.7 million in the half-year.
In the watches category, quarterly sales were down 50 percent to $46.1 million year-over-year and down 50 percent to $88.2 million in the half-year.
By banner, Kay Jewelers posted quarterly sales of $325 million, down 39 percent year-over-year while Jared’s quarterly sales dipped 34 percent to $168.5 million.
Zales’s quarterly sales were down 34 percent to $185.1 million while Piercing Pagoda’s sales fell 20 percent to $59.3 million.
E-tailer James Allen was the sole gainer, posting quarterly sales of $64.3 million, up 20 percent year-over-year.
The retailer began testing out James Allen store-in-stores in Jared locations to give the banner a “curated, physical presence.” The concept will be gradually expanded to 80 locations, or one-third of Jared’s fleet.
Looking at its store count, Signet closed 293 of the 380 stores it plans to shutter this fiscal year, mostly in traditional mall locations.
As for the holiday season ahead, Signet will be launching new products this month in preparation.
“Fifty-one percent of customers are planning to shop earlier this holiday season than they have in the past, so we’ll be ready for that,” said Drosos.
In light of the coronavirus pandemic, Signet declined to provide financial guidance for the remainder of fiscal 2021.
More on Financials
The Latest
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
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.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
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.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
