Diamonds.net - U.S. Jewelry Store Sales Slide - Rapaport
RAPAPORT... U.S. specialty jewelry store sales fell in July in line with declines reported by the major U.S. jewelers during the second quarter.
Sales fell 2.2 percent to $2.1 billion across outlets selling only jewelry and watch products during the month, according to the U.S. Census Bureau. The data does not include sales at department store chains and other multi-product outlets.
Signet Jewelers reported that same-store sales at its Sterling division, the country’s largest specialty jeweler which includes Kay and Jared stores, fell 3.1 percent in the fiscal quarter that ended July 31. Zale U.S. Jewelry, which is also part of Signet, saw same-store sales decline 2.2 percent. Tiffany & Co reported a 9 percent drop in its comparable store sales in the Americas region during the quarter.
Market conditions have been challenging particularly in the energy-dependent regions, explained Mark Light, Signet’s CEO in the company’s earnings call with analysts. He also pointed to the UK’s decision to leave the European Union and the U.S. presidential campaign affecting the mindset of people in Middle America this year.
