Gold and diamonds lose luster, but garden supply sales shine

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the national and global response, the work place and the spread of the virus.

________________________

LOSING LUSTER: The coronavirus pandemic has forced the closure of thousands of retail locations and altered consumer behavior dramatically. The two combined has led to very rough stretch for companies that all that glitters.

— The path of the COVID-19 pandemic was traced fairly closely by the closure of Tiffany & Co. stores across the globe. Revenue in the Asia-Pacific down tumbled 46% during its most recent quarter, then in Europe, by 40%, then in the Americas, by 45%. The famed jeweler swung to a $105 million operating loss.

However in China, where the pandemic began, sales in April rose 30% as cities recovered, and by 90% in May. The rebound in sales may not be as strong elsewhere, according to Neil Saunders, the managing director of GlobalData Retail, because economic growth has been so much stronger in China for years.

— Early figures show same-store sales at Signet Jewelers slid 38.9% in its fiscal first quarter with all stores closed. Overall revenue slumped 40.5%, offset somewhat by a 6.7% increase in online sales.

After beginning to unlock the doors of some stores in May, the chain now has 1,100 locations open.

— Movado Group's first-quarter sales declined 52.5%. It has reopened 14 of its 47 stores in North America and expects all but six will open by the middle of next week.

The watch seller said Tuesday that the furloughs it put into place for 850 employees, about 80% of its North American workforce, will continue until July 13. It has cut pay for management, executives and board members through at least...