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The jeweler fell short of revenue and same-store sales expectations in Q3 due to weak demand in the Americas and unrest in Hong Kong.
Same-store sales rose at all U.S. mall-based banners while online sales posted double-digit growth.
Challenges “intensified” within the watch category and retail landscape, CEO Efraim Grinberg said.
Sales in its jewelry division, which includes Cartier and Van Cleef & Arpels, climbed 8 percent.
Like-for-like sales were down across its top seven markets, including a 9 percent dip in the United States.
Boucheron was a standout in the jewelry segment, while Ulysse Nardin bolstered the watch category.
The luxury conglomerate reported $1.24 billion in revenue for the category, a 5 percent organic increase year-over-year.
The retailer’s same-store sales in North America dipped 1 percent as foot traffic continued to decline, but it beat analysts’ expectations and saw its stock rise.
National Jeweler

Fine Jewelry Industry News

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.