If the diamond ring you were lusting after didn’t show up in your Christmas stocking, take comfort in the fact that you’re not alone. In another indication of the slowing consumer economy, jewelry retailers reported disappointing sales for November and December, suggesting that shoppers resisted the temptation to load up on pricey gemstones.
Tiffany & Co. and Zale Corp. reported 2 and 9 percent declines, respectively, in comparable-store sales for November and December from the same period in 2006. Zale also announced this week that it will close 60 retail locations within the next 90 days. Jewelry retailer Finlay Enterprises similarly announced that comparable-store sales for November and December declined 5.9 percent, and at Signet Group, U.S. sales were down 8.1 percent for the period.
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Tags: november, signet group, zale corp
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