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CEO Harvey Kanter said the company’s first standalone brick-and-mortar location is “exceeding expectations” and they plan to get additional stores open in the first half of 2016.
The company saw regional growth of just 2 percent in the five-month period ended Aug. 31, despite its jewelry maisons performing “exceptionally well.”
Though it remains unable to file complete financial statements, Lazare Kaplan International Inc. estimates a 34 percent drop in net sales for fiscal year 2015.
A challenging retail environment was offset by selective price increases and source improvements in the supply chain to slightly bump sales for Movado in its second quarter.
The company noted that comps and total sales were about equal to the prior year in the Americas due to the negative effect of the strength of the U.S. dollar and lower foreign tourist spending, leading to a tempered full-year earnings forecast.
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Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.