will jared jewelers be having a liquidation sale soon?
NEW YORK – Signet Jewelers Ltd., the parent of Kay Jewelers and Jared chains, said Thursday its sales at stores open more than a year declined 1.9 percent for the 13 weeks ended Oct. 1. Total sales declined 2.5 percent to $613.6 million as demand for jewelry remained soft during the recession. The company said sales at stores open more than a year declined 2.4 percent in the U.S. and declined 0.2 percent in the U.K. For the 39 weeks ended Oct. 1, sales at stores open more than a year declined 3.4 percent. The company said the outlook for the holiday season “remains very uncertain.” Shares rose 62 cents, or 2.4 percent, to $26.71.
Summary Whitehall’s liquidation sale will have significant consequences for publicly traded jewelers like Kay, Zale, and Finlay not only this fall, but in future quarters also. Here’s why. Analysis About three quarters of a billion dollars at retail in fine jewelry and watches will be sold at near cost as consumers begin shopping for Christmas. The sale organized by several liquidators will be a combination of products from Whitehall’s 375 stores that are being closed and jewelry items from the liquidators own inventory. The sell off is the second large going out of business sale this year. Earlier, Friedman and Crescent Jewelers stores were closed and about $400 million in inventory at retail was liquidated. That blowout continues even as Whitehall starts their going out of business sale. Whitehall’s inventory clearance binge comes at a particularly bad time for jewelry competitors as early Christmas shoppers enter the marketplace. Research has shown that jewelry shopping behavior is
NEW YORK – Signet Jewelers Ltd., the parent of Kay Jewelers and Jared chains, said Thursday its sales at stores open more than a year declined 1.9 percent for the 13 weeks ended Oct. 1. Total sales declined 2.5 percent to $613.6 million as demand for jewelry remained soft during the recession. The company said sales at stores open more than a year declined 2.4 percent in the U.S. and declined 0.2 percent in the U.K. For the 39 weeks ended Oct. 1, sales at stores open more than a year declined 3.4 percent. The company said the outlook for the holiday season “remains very uncertain.” Shares rose 62 cents, or 2.4 percent, to $26.71. Sources: http://www.cnbc.
Summary Whitehall’s liquidation sale will have significant consequences for publicly traded jewelers like Kay, Zale, and Finlay not only this fall, but in future quarters also. Here’s why. Analysis About three quarters of a billion dollars at retail in fine jewelry and watches will be sold at near cost as consumers begin shopping for Christmas. The sale organized by several liquidators will be a combination of products from Whitehall’s 375 stores that are being closed and jewelry items from the liquidators own inventory. The sell off is the second large going out of business sale this year. Earlier, Friedman and Crescent Jewelers stores were closed and about $400 million in inventory at retail was liquidated. That blowout continues even as Whitehall starts their going out of business sale. Whitehall’s inventory clearance binge comes at a particularly bad time for jewelry competitors as early Christmas shoppers enter the marketplace. Research has shown that jewelry shopping behavior is
