Signet Jewelers reports Q1 results

Signet's total sales were $852.1 million, down 40.5%, in the 13 weeks ended May 2, 2020 on a reported basis and down 40.2% on a constant currency basis. Total same store sales declined 38.9% year-over-year. 
eCommerce sales were $164.7 million, up 6.7%, which includes COVID-19 impacts.
"We began our fiscal year with strong Valentine's Day sales performance, and then quickly pivoted and further adapted our eCommerce operating model to serve customers during stay-at-home restrictions with new technology, virtual consultation and selling solutions. We are gathering valuable insights on customer behaviors and plan to use these learnings to enhance our competitive advantage and emerge stronger from the crisis with optimized virtual and physical footprints to meet our customers where and how they choose to shop. We have moved forward in our digital journey while also making significant progress controlling costs, prioritizing investments to drive sustainable growth, and preserving liquidity," said Virginia C. Drosos, Chief Executive Officer.

Alex Shishlo, Editor of the Rough&Polished European Bureau