Sales at Signet Beat Expectations, but Coronavirus Forces Cost Cutting

By John Jeffay / March 29, 2020 / www.idexonline.com / Article Link

Signet, the world's largest retailer of diamond jewelry, reported an improved performance for the last quarter of 2020, but will be borrowing $900m as it faces the uncertainty of coronavirus.The company, whose brands include Kay Jewelers, Zales, Jared, James Allen, Peoples and Piercing Pagoda, last week closed all its 3,200 stores.It saw same-store sales grow 2.3 per cent overall and 2.9 per cent among those (all but 450) in North America.Signet Jewelers Ltd's revenue for Q4 of 2020 was $2.15 billion, unchanged from Q4 of 2019.  The company's CEO, Virginia C. Drosos, said: "Prior to this crisis, our Signet team delivered results ahead of expectations for the fourth quarter and Fiscal 2020. Moreover, we delivered our best overall holiday business performance in four years."What's paramount now is that we are moving quickly and aggressively to strengthen Signet's financial flexibility by reducing capital expenditures, driving transformational cost savings, and accelerating optimization of our real estate footprint."Meanwhile, the New York Times reports that Signet Jewelers Ltd has reached a $240m settlement of a shareholder lawsuit accusing the company of concealing sexual harassment allegations against senior executives and losses in its customer financing credit portfolio.

Recent News

Gold stocks weaker but outperform slump in other sectors

October 13, 2025 / www.canadianminingreport.com

West Africa-focussed Robex and PDI to merge

October 13, 2025 / www.canadianminingreport.com

Gold stocks outperform equity market gains

October 06, 2025 / www.canadianminingreport.com

Most major producers rise but TSXV gold mixed

October 06, 2025 / www.canadianminingreport.com

Platinum, palladium, copper gain on green China, supply constraints

September 29, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok