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Same-store sales fell in the United States too, with the jeweler stung by a slowdown in both tourist and domestic spending.
The bead and jewelry brand cut 55 of what it’s now classifying as “multi-branded” retailers in the first quarter.
The online retailer reported that it sold a total of $56.7 million in diamond engagement rings in the United States in Q1 2016, down from $61 million in Q1 2015.
LVMH Moët Hennessy Louis Vuitton said its jewelry and watches division recorded organic revenue growth of 7 percent in its first quarter, led by a strong performance from Bulgari.
CEO Mark Light called it “an excellent finish to another strong year” for the retailer, aided by strong diamond fashion jewelry sales in the fourth quarter.
Due to lower foreign spending and softness in sales to U.S. consumers, same-store sales and total sales decreased in the company’s Americas regions in both the fiscal fourth quarter and the full-year period.
The retailer released preliminary figures nearly a month ahead of its scheduled earnings call because it was “excited” about its Q4 results.
These two retailers reported some of the strongest year-end sales in retail, while competitors Macy’s and Kohl’s struggled.
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