Signet Jewelers Provides a COVID-19 Business Update

Signet Jewelers Limited (“Signet”) (NYSE:SIG), the world's largest retailer of diamond jewelry, today provided an update on its global operations in response to the continued spread and impact of COVID-19.

Virginia C. Drosos, Chief Executive Officer, stated: “Our hearts and prayers go out to all who have been impacted by this global pandemic. We greatly appreciate the many workers and family members who are caring for those in need. I also want to thank our dedicated Signet team members who have found many new and innovative ways to safely help our customers continue to celebrate love during this difficult time.

The health and safety of our team members and customers continues to be our top priority. Out of the highest respect for governmental orders and the advice of leading health officials, we have temporarily closed our physical locations in North America. Store team members will receive pay and benefits through April 4, 2020 in a combination of base pay and available paid time off provisions, at which time we will further assess the situation. We will continue to follow the guidelines of government and health officials in determining when we will reopen our stores. Most importantly, we will continue to make all decisions guided by our core value of People First.”

Ms. Drosos continued, “The exceptional team, capabilities, and agility we have built through our Path to Brilliance transformation over the past two years strongly position us to navigate this time of uncertainty. Retailers are already experiencing the severe impact of the impact of COVID-19 on the global economy, and we are anticipating continued reduction in consumer spend. We are moving quickly and aggressively to strengthen Signet’s financial flexibility, prioritize investments, and reduce capital expenditures and operating expenses. This will include implementing reduced work hours, furloughs and reduced compensation across store and support center teams as we navigate this unprecedented environment.”

Store Closures

The Company has temporarily closed all of its stores in North America effective March 23, 2020. This includes the Company’s Kay Jewelers, Zales, Jared, James Allen, Peoples and Piercing Pagoda banners and the Company’s support centers. Following these temporary closures, the Company will reopen stores as pandemic conditions allow.

OmniChannel & Ecommerce

Our teams continue to work tirelessly to help our millions of customers Celebrate Life and Express Love. To this end we have made strategic investments in our eCommerce platforms resulting in enhanced online customer shopping experiences. For all of life’s most meaningful moments, from birthdays to engagements, Signet’s online platforms and channels remain open: www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk, www.peoplesjewellers.com, www.pagoda.com, and www.jamesallen.com.