Financial Reporting

Comps up 8%, bridal strong for Sterling

Same-store sales for Sterling Jewelers Inc. increased 8 percent in the first quarter, with bridal sales particularly strong and CEO Mike Barnes noting a “more stable” over retail environment in the United States.

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Earnings roundup: Sears, Target, TJ Maxx

Same-store sales declined or increased slightly in the first quarter for the three discount retailers that reported earnings this week, Sears, Target and T.J. Maxx.

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Former Signet CEO appointed to chair Zale board

Terry Burman, who spent a decade at the helm of Zale Corp. rival Signet, is the new chairman of the board at Zale, the company announced along with its third quarter earnings on Wednesday.

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Market Developments

Q1 online sales up 13%, surpass $50B

E-commerce sales topped $50 billion in the first quarter, marking only the second quarter on record when online sales have exceeded that dollar mark.

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Hayek takes over as head of Harry Winston

Swatch Group confirmed Friday that Nayla Hayek, chairwoman of The Swatch Group Ltd., is now the CEO of Harry Winston Inc.

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News report forces retailer to issue ring refund

J.C. Penney was publicly shamed into issuing one California couple a refund for their $1,530 engagement ring after the pair aired their grievances about the ring’s quality, literally.

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Public Policy & Issues

Senate passes Internet sales tax bill

The U.S. Senate voted 69 to 27 Monday in favor of a bill that gives states the option to require the collection of sales and use taxes already owed under state law by out-of-state online retailers.

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JVC publishes guide to ‘conflict’ mineral act

A guide to complying with the “conflict” minerals provision of the Dodd Frank Act is now available online free of charge from the Jewelers Vigilance Committee (JVC).

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FTC to review jewelry guides in June

The Federal Trade Commission will hold a public roundtable on June 19 in Washington to discuss possible revisions to the jewelry industry marketing guides.

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eCommerce Developments

Web Roundup: Fresh site for Thistle & Bee

Thistle & Bee recently launched an upgraded version of its website that features larger photos and allows retailers to place orders online.

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Virtual ‘try on’ features lead to real lawsuits

A technology company has filed suit against Tacori, Macy’s, Bloomingdale’s and watch company Luminox claiming that the companies’ use of technology that allows customers to virtually try on merchandise infringes on its patent.

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Saks Fifth Avenue launches upgraded website

Following an earnings report in which it emphasized the importance of omni-channel shopping, high-end retailer Saks Fifth Avenue announced Monday that it has redesigned its website with an emphasis on larger photography and improved navigation.

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