Archive for June 1st, 2006
Jewelry retailer Tiffany 1Q profit rises
AP via Yahoo! NewsÂ
NEW YORK - Jewelry and luxury goods retailer Tiffany & Co. said Wednesday that first-quarter earnings grew 7.7 percent, as double-digit percentage growth in international sales outpaced a sluggish domestic sales performance. Its shares rose 2.6 percent in early trading.For the quarter ended April 30, the company’s earnings rose to $43.14 million, or 30 cents per share, from $40.06 million, or 27 cents per share a year earlier. The year-ago period included a 1-cent-per-share tax benefit.
Sales increased nearly 6 percent to $539.2 million from $509.9 million. The company said domestic sales were “disappointing,” with overall growth up 2 percent and sales down 1 percent at locations open at least one year, a measure known as same-store sales. In contrast, international sales jumped 13 percent, helped by growth in Japan and other regions, and international same-store sales rose 16 percent.
Analysts polled by Thomson Financial expected earnings of 28 cents per share on sales of $546.8 million.
Its shares rose 85 cents to $33.35 in morning trading on the New York Stock Exchange, but are still closer to the low end of their 52-week range of $31.05 to $43.80.
The company said gross margin improved to 55.8 percent from 53.9 percent in the previous year, mainly because of its product sales mix and some benefit from geographical sales mix.
“Sharply higher precious metal and diamond costs continue to pressure gross margin, although the company periodically adjusts retail prices to mitigate such effects,” Tiffany said in a statement.
For the full year, Tiffany said it still expects at least 12 percent growth in earnings before income taxes, and earnings of $1.77 to $1.82 per share. The company forecast sales growth of nearly 10 percent, assuming gradual improvement in the United States and strong international sales growth.
Analysts expect the company to earn $1.80 per share on sales of $2.61 billion for the year.
“Continued increases in precious metal costs will likely have some adverse effect on gross margins, but we expect full-year gross margin to approximate the prior year,” Tiffany said.
June 1st, 2006
HOUSE OF TAYLOR JEWELRY REVENUE UP 29% IN Q1
Tacy, Israel /1 June 2006
Los Angeles-based international jewelry company House of Taylor Jewelry, Inc. saw revenue for the first quarter ended March 31, 2006 rise 29 percent to US$1.4 million from US$1.1 million reported in the same period a year ago. The increase reflects demand for the company’s branded products that were introduced late last year, as well as sales of the company’s discontinued non-branded products.
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The company recorded significantly higher selling, shipping and general administrative expenses due to higher professional fees, depreciation and amortization expenses involving intellectual property and license agreements, along with costs associated with the company’s move to NASDAQ.
Accordingly, House of Taylor Jewelry posted a net loss of US$2.0 million compared with a net loss of $348,000, or $0.01 per share, in the year-ago period.
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“The first quarter was a milestone period for us, as we began trading on NASDAQ on March 1. Additionally, we made tremendous progress strengthening the company’s infrastructure in preparation for our product launches at major industry trade shows throughout the year. We expect our participation in these trade shows will contribute to a significant expansion of the company’s distribution channel through independent retailers of fine jewelry across the U.S. Moreover, with our financing completed, we now have the wherewithal to execute our strategic growth plans,†says Jack Abramov, President and Chief Executive Officer of House of Taylor Jewelry.
June 1st, 2006
RandR Grosbard and New Age Diamonds present the Fire Flower Jewelry Collection
24-7PressRelease.com
The collection was designed by RandR Grosbard with colored diamonds cultivated by New Age Diamonds.
/24-7PressRelease/ - June 01, 2006 - R and R Grosbard together with New Age Diamonds launches a new jewellery collection - FIRE FLOWER. The collection was designed by R and R Grosbard using cultivated diamonds supplied by New Age Diamonds.
The collection will make its debut at the JCK in Las Vegas on June 3rd this year and will feature a number of matching ensembles. The diamonds from New Age Diamonds are presented in fancy yellow and orange colors in princess and round cuts. Colorless natural diamonds also appear in the collection that is completed in white and yellow gold settings
Sergei Shulepov, the president of New Age Diamonds, said:
“New Age Diamonds stones are touched with the fire of human creative energy. This fire was like a seed that gave a new life to something wonderful and astonishing - Fire Flower. Fire Flower is a new jewelry collection in which every diamond is like a newborn flower that reveals all its fascinating charm to the world. I am very positive about this collection and have no doubts in its success”.
Cultivated diamonds: The diamonds have been grown in the laboratory using the HPHT method (High Pressure High Temperature). HPHT method replicates the conditions found deep in the Earth creating the diamonds with the optical, chemical and physical properties of Earth grown diamonds.
R and R Grosbard, Inc: is a long established U. S. loose diamond and diamond jewelry wholesaler with an excellent reputation within the industry. Grosbard will be working with New Age Diamonds to bring gem quality synthetic diamonds to market where natural colored stones would be cost prohibitive. Grosbard targets emerging market segments for conflict free and novelty gems.
Fire Flower images: http://www.newagediamonds.com/company/nad_pr006.html
More information about New Age Diamonds: http://www.newagediamonds.com
Toll-Free number: +1-888-NAD-4-YPD (+1-888-623-4-973)
About New Age Diamonds
The world’s largest manufacturers of Cultivated Diamonds consolidated under the patronage of a Former Soviet Space Laboratory that specialised in growing high quality diamonds for the optical and electromechanical fields. The company produces cultivated colored diamonds with the optical, chemical and physical properties of Earth grown diamonds. New Age Diamonds stones are produced in three main colors: yellow, deep red and light green. The yellow stones may vary from light yellow to intense orange color.
June 1st, 2006
Pearl Jewelry: Historic 5-Ft Wide, 3-Ft Tall ‘Pearl Capitol’ With 200,000 Akoya Pearls ‘Worth Millions,’ On Its Way To Houston
Emediawire (press release), WA
Pearl Jewelry goes patriotic — A 5-ft. wide, 3 ft.tall replica of the nation’s most famous federal building has been “re-built” with more than 200,000 rare cultured pearls said to be equivalent to 4,000 pearl necklaces — “and it’s a feast for the eyes”, says Houston-area jeweler Norman Hargrave.
Baytown, TX (PRWEB) June 1, 2006 — An imposing 5-ft. wide, 3-ft tall replica of the U.S. Capitol handmade from more than 200,000 Akoya pearls and said to be the equivalent of 4,000 pearl necklaces “worth millions,†is coming soon to a small Texas jewelry store with large connections in the pearl world.
The “Pearl Capitol,†owned by Rhode Island-based Imperial Pearl Company will reside June 13-17 in the showroom of Robson Jewelers during a promotional event sponsored by the 80-year-old family-owned store. Imperial Pearl president Peter Bazar says this is the first time the rose-lustered pearl Capitol has been displayed outside of Washington, D.C.
Until nine months ago, the built-to-scale model of the nation’s most famous federal building was on display for 42 years in the United States Historical Society headquarters in Washington, D.C. Bazar says Imperial Pearl Company presented the unique artifact to the Washington nonprofit organization in 1966. It was commissioned in 1959 by the company’s previous owner to promote the sagging post-World War II Japanese pearl industry. “It took more than two years for workers from the Oteki Pearl Farm in Kobe, Japan to harvest the pearls,†says Bazar.
“When we learned that the Pearl Capitol was going to be auctioned off we knew we had to have it back. Now we’ve bought it twice,†he says. The pearls are 3 mm. to 7 mm. in size.
Akoya pearls are bred in saltwater and known for their high luster, rosy overtones and perfectly round shape.
Why is the Pearl Capitol coming to the Baytown jewelry store on its maiden showing outside Washington?
“A lot of people have asked me that question,†says Norman Hargrave, the store’s owner. “They wonder why this beautiful thing isn’t going to a much larger jewelry store somewhere. But, Robson’s has a long history with Imperial Pearl,†he says.
“They know us well, and of course there’s no doubt about it, we’ve bought a whole bunch of pearls from them since my grandfather first went into business in 1926. They trust us and we’re honored. This is going to be a fun way to show off our store and also to catch people’s reaction when they see this fabulous exhibit. If you love pearls, it’s a feast for the eyes. Besides,†says Hargrave, “June is Pearl Month.â€
Hargrave, who says Robson’s is one of the longest continually-operated jewelry stores in Texas owned by one family, says he will display vintage photos of 1960s-era movie stars and dignitaries viewing the with the Capitol replica.
Baytown, 30 miles east of downtown Houston with a population of 70,000, is probably best known as the home of the Exxon oil refinery, one of the largest in the world.
The jewelry store owner says he is spending more than $15,000 in security and insurance to ensure the safety of the Capitol, which is crowned by an American flag made with alternating rows of diamonds, sapphires and rubies. The Capitol model is the centerpiece of the store’s 5-day marketing event. Hargrave says a giant pearl the size of a plum, also on loan from Imperial, is part of the display. There is no charge to attend.
The Washington historical society had the pearl model appraised in 1988, says Hargrave. “They said it was conservatively worth $640,000. We know that 18 years later it’s priceless.â€
To see the Pearl Capitol:
June 13-17
Robson Jewelers
1120 West Baker Rd.
Baytown
Exhibit opens 11:30 a.m., Wednesday, June 13th
No charge
Store located across from Luby’s Cafeteria
For more information call (281) 427-5700 or visit
www.robsonsjewelers.com
June 1st, 2006
Gold Jewelry Sales Are Up.
Free Market News Network, FL
Posted by Barry at 06:18 PM in Precious Metals
National Jeweler reports that despite rapidly rising gold prices, U.S. gold jewelry sales grew in terms of both dollar and unit sales for 2005, according to new statistics from a survey commissioned by the World Gold Council (WGC).
Dollar sales grew 4.4 percent for the year to a record $17.7 billion, the strongest growth for the category since 1999, according to the study, conducted for WGC by GfK Audits & Surveys. In the fourth quarter of 2005, gold jewelry sales rose 5 percent in dollar sales.
For 2005, gold unit sales grew 4.4 percent over 2004, while the average price per unit remained constant at $76.01.
Gold bracelets appeared the strongest category, with unit sales increasing 6.6 percent and dollar sales up 6.5 percent. Gold neckwear posted a 4.1 percent increase in dollar sales, the strongest growth since 1995. Gold earrings continued their 10-year growth streak, with a 5.5 percent boost in dollar sales.
Accounting for 9 percent of market share, non-store retailers showed the highest percentage increase in gold jewelry sales, with a 7.1 percent increase in sales volume (totaling $1.7 billion) and a 6.7 percent rise in unit sales.
With 49 percent of market share, traditional jewelry stores saw a 3.9 percent increase in gold jewelry sales (totaling $8.63 billion) and a unit sales increase of 3.2 percent.
Mass merchants grew their gold business 5.1 percent for the year in dollar terms to $4.07 billion and 4.9 percent in terms of unit sales. For department stores, dollar sales volume rose by 3.7 percent to $3.36 billion and unit volume increased by 3.1 percent.
June 1st, 2006
Belk launches fine-jewelry acquisitions
Charlotte Business Journal, NCÂ
Belk Inc. has agreed to acquire the inventory and assets of Migerobe Inc., a Mississippi company that leases and operates fine-jewelry departments in 35 Belk stores.
The transaction is slated to close in August. Financial terms weren’t disclosed.
In addition, Belk will begin operating 80 other fine-jewelry departments in its stores that are leased by Finlay Fine Jewelry Corp. of New York.
Belk will assume the management and operation of those departments early next year when Finlay’s lease agreement expires.
“This is a great opportunity for Belk to leverage the success and experience of Migerobe to benefit our entire fine-jewelry business and raise its performance to the next level,” says Tim Belk, chief executive of the retail chain. “This year, fine-jewelry sales in Belk stores should approach $80 million, and we see this as an opportunity to grow sales and extend fine jewelry to more Belk stores.”
Belk will offer jobs to all Migerobe and Finlay employees in its fine-jewelry departments.
Purchasing and administrative offices for the combined fine-jewelry business will be based at Belk’s headquarters in Charlotte.
Belk is the nation’s largest privately owned department-store chain. Founded in 1888, it operates 277 stores in 16 Southeastern states.
June 1st, 2006
Carlson Jewelry closing after 61 years
Month of June will be the last for the business
Dalles Chronicle
By RODGER NICHOLS
of The Chronicle
Three stores and 11 presidents ago, while still a student at The Dalles High School, 18-year-old Jerry Carlson became an apprentice watchmaker for Pounds Jewelry.
After three years of study, he passed the state board of watchmakers exam, an exacting test which included a requirement to machine several watch pieces out of metal stock.
“I started at no pay,†Carlson said, “And worked up to $5 an hour.â€
In 1965, he struck out on his own, and set up shop as an independent business inside Monahan’s Jewelry to repair watches and clocks, while his wife Carole did engraving
A final move took them to Hampton Furniture in 1991, where their tidy shop is tucked in between the elevator and the east stairs.
Having a shop inside a furniture store instead of a jewelry store also allowed them to sell jewelry, gaining them more customers.
The Carlsons have nothing but praise for Hampton’s owner Angie DesRochers.
“Angie has been a real sweetheart. There’s nobody like Angie,†said Carole.
Angie DesRochers returns the feelings. “They’re very good people,†she said. “We’ll miss them.â€
The Carlsons have announced plans to close their shop at the end of June, and have marked all merchandise at half price until the store closes.
Carole and Jerry share a birthday, April 9, and last month he turned 79 and she 72.
Jerry also suffered a stroke in 2004.
And although he has made remarkable recovery, Carole said, it’s time to make the change.
“Last week he sized rings,†she said. “It took him longer than he thought it should, but a year and a half ago he couldn’t have done it at all.â€
Over the six decades, the Carlsons have seen a lot of people.
“Jerry’s quite an artisan,†said Carole. “We now have some fourth generation customers, and we’ve had people ship things from as far away as New York.â€
Amid the watch and clock cleaning and repairs, ring sizings and stone replacement, Jerry even had some experience as a forensic jeweler.
When the bridge over the Columbia at Biggs went down in the 1964 flood, two cars drove over the end of the missing span. The state police brought him a watch recovered from a victim.
“They asked him if he smoked,†said Carole, “and he said just the occasional cigar. They said to have several at hand, and when they brought in the watch it was reeking of formaldehyde. He was able to get the number engraved inside and help trace the identity of the victim.â€
For her part, Carole does engraving. “Anything metal,†she said, “as long as I can fit it in my machine.â€
That includes a metal dashboard panel for an airplane built by Del Kendricks of Lyle.
After the store closes, the Carlsons plan a couple of weeks rest, then Carole will have a knee operation she’s been putting off until after the closure.
“We also are going to travel a bit, and do a few things we haven’t been able to do,†Jerry said.
The couple have two girls. “Deborah is a minister,†Carole said, “and Lisa works as an accountant at Schnitzer in Portland.â€
The Carlsons have been married 50 years, as of last September.
“She tripped me,†Jerry says, laughing, about their courtship, “But I wouldn’t give her away for anything.â€
June 1st, 2006
