The specialty jeweler lost more than $291 million during the coronavirus shutdown.
The specialty jewelry retailer — parent to the Kay Jewelers, Zales, Jared, H. Samuel, Ernest Jones, Peoples Jewellers, Piercing Pagoda and jamesallen.com brands — fell short on both top and bottom lines during the most recent quarter, the period when the majority of stores were shut because of the coronavirus, and now has plans to close nearly 400 stores permanently.
Like most retailers, Signet was forced to close all stores in North America last March in response to the pandemic. The first batch of stores didn’t begin reopening until May. As of Tuesday, more than 1,100 of the company’s 3,200 stores in North America and the U.K. have reopened, with store sales improving each week. Executives on Tuesday morning’s conference call with analysts say they hope to have about 75 percent of the store fleet open by the end of June.
“Over the last few years, as part of our ‘Path to Brilliance’ strategy, we reduced our store footprint by 13 percent, largely moving out of all D malls and regional banners,” Drosos said on the call. “Now in the current environment, we are accelerating our optimization efforts further reducing our exposure to declining C and B malls. With these closures, [it will] bring the cumulative footprint reduction to more than 20 percent.
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