June 10, 2020 at 2:18 PM EDT – Updated June 10 at 2:18 PM
(AP) – Signet Jewelers, the parent company of such brands as Zales and Jared, said it is permanently closing about 400 stores after reporting slumping sales in three-month period that ended May 2.
With all of its stores closed because of the coronavirus pandemic, same-store sales at Signet Jewelers slid 38.9% in its first quarter.
The company, which also owns Kay Jewelers, said it would keep 150 of its stores closed in the U.S. and another 80 in the UK, with plans to close another 150 later in the year, per a report from The Motley Fool.
Overall revenue slumped 40.5%, offset somewhat by a 6.7% increase in online sales. A portion of the online activity is being generated by virtual sales, CEO Gina Drosos told The Associated Press.
Sales people have done more than 100,000 virtual consultations online since March 23.
The company operates more than 3,000 stores worldwide and so far nearly 1,100 have reopened.
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