IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
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
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
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.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More JewelryThe time to start experimenting with video content is now, writes columnist Emmanuel Raheb.
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic DesignFrom striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid TurnaroundThe jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.
