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The owner of TAG Heuer watches and jewelry brand Bulgari said business has improved in the second half of the year.
A “difficult” global environment and having to buy back watches from retailers battered sales and profits in the first five months of the company’s fiscal year.
The Paramus, N.J.-based watch company’s net sales totaled $128.1 million, compared with $145.6 million in the same period last year.
The New York-based jeweler had another difficult quarter, with total sales down 6 percent and comps declining 9 percent in the Americas.
Comps fell 2 percent, due mainly to sales weakness in states where the economy is dependent on the energy industry, the company’s CEO said.
Operating loss during its fiscal full year was $2.3 million, and same-store sales fell short of expectations.
Fancy pink diamond prices increased by 0.7 percent in the second quarter.
Fancy yellow diamond prices declined, however, tempering the overall fancy color price increase.
The operator of off-price retail chains has 3,675 stores worldwide but said it could see itself with as many as 5,600 in the long term.
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