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Retailer Profits Weaken, Rising Costs Pressure Margins
Public Jewelry Retailers Report Mixed Results for 1Q
May 9, 2012 7:00 PM
By Rapaport News
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RAPAPORT...
U.S. retail sales are showing mixed results for April and for the first quarter across the jewelry industry. Chain-store sales were largely flat in April, but when combined with March, the sales increase was in the low single-digits. Berkshire Hathaway's retail division, which includes jewelers as well as furnishings and perishable products, performed best of the companies we follow with an 8 percent increase. The company did not separate out individual product category sales. Pandora's interim results, however, showed an 18 percent drop in revenue and a 34 percent decrease in profit. Blue Nile reported a 4 percent increase in sales, boosted by the international unit, however, profit plunged 94 percent. Petra Diamonds' interim report showed solid gains in rough production as well as prices and revenue. Finally, in industrial diamond news, De Beers Group's Element Six plans a new research facility and is celebrating the Queen's Award for Enterprise in Innovation in the U.K.
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Tags:
april, Blue Nile, first quarter, jewelers, Pandora, Rapaport News, retail, sales
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