EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
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
Editors' Picks
Sponsored by
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
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
Weekly QuizJun 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
MajorsJun 17, 2026
James Avery to Revamp In-Store Retail ExperienceThe Texas-based jeweler is gradually rolling out a new experience-forward layout in its stores.
MajorsJun 17, 2026
Seahawks’ Super Bowl Ring Blends Meaningful Design, Technical CraftsmanshipThe Super Bowl LX champions were honored with diamond and blue sapphire rings by Jason of Beverly Hills.
Policies & IssuesJun 17, 2026
Community for Ethical Jewelry Names New Executive DirectorMarianna Smirnova previously spent a decade working with the Responsible Minerals Initiative, in addition to other relevant roles.
MajorsJun 16, 2026
5 Things to Know About the 2026 NBA Championship TrophyThe New York Knicks took home the Larry O'Brien Trophy crafted by Tiffany & Co.
TrendsJun 16, 2026
Post-Vegas Jewelry Trend Report: Big Beads, Western Flair, White MetalsAssociate Editor Natalie Francisco lists the trends she spotted during Jewelry Market Week that will dominate the second half of 2026.
SourcingJun 16, 2026
GemGuide Updates Ruby PricesIts app now reflects increased prices for Mozambique ruby, as well as changes to its Burma ruby charts.
MajorsJun 16, 2026
Sasha Primak Hires New Design DirectorThe manufacturer has tapped Alicia Arnold, the former director of custom design at Tiny Jewel Box.
IndependentsJun 15, 2026
DeBoulle Diamond & Jewelry to Renovate Dallas FlagshipThe revamped, elevated space will feature a two-story Patek Philippe atelier and a rooftop patio for parties.
WatchesJun 15, 2026
G-Shock, Coca-Cola Partner on Bottle-Inspired WatchThe special-edition piece marks the 140th anniversary of the iconic beverage brand.
TrendsJun 15, 2026
Amanda’s Style File: Tiny Charms Are TrendingHere are 13 small charms to inspire your layered looks this summer.
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
