Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
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
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
