Australian retail turnover, March 2008 - March 2010. Source: ABS
Australia stands-out in jewellery retail stats
Posted June 01, 2010 |
Worldwide jewellery retail has been buoyed by a string of positive
statistics released last week, with Australia amongst the highest
achievers.
The positive data included the financial results from a number of worldwide retailers, as well as figures released by the Australian Bureau of Statistics (ABS).
Amongst the influx of information were a number of positive signs relating to the Australian jewellery industry. Worldwide jewellery expenditure seems to be improving; however Australia’s improvement is accelerating at a faster rate, some say booming!
One of the most widely reported releases was Tiffany & Co’s quarterly financial results indicating that the retail giant had doubled its net income compared to this time last year.
While improving US spending took most of the credit for the result, Australia’s large contribution went largely ignored.
Analysis of the quarterly results reveals a 50 per cent increase in net sales in Australia’s Asia-Pacific region. This is more than double the 22 per cent increase experienced in the Americas.
Richemont, owner of high-end jeweller Cartier, was another international company to release results.
The Swiss company’s financial situation was less encouraging, with sales down four per cent, attributed to the current financial trouble in Europe.
There was only one positive, according to deputy CEO Richard Lepeu, who said: "The only piece of good news is the Asia-Pacific that continues to boom."
Sales data shows Asia-Pacific (including Australia) sales increased by 18 per cent, compared with losses of 20 per cent in the Americas and 11 per cent in Europe.
In another set of data released last week, ABS statistics confirm Australian retail is performing solidly so far this year.
Retail sales for the first three months of 2010 have increased almost 2.5 per cent compared to the same period last year.
Other jewellers that posted positive results last week included Zale’s – buoyed by a recent $150 million investment lifeline. The company posted a small net loss – interpreted by industry analysts as a positive sign for the struggling chain. Its shares rose 6 per cent on the back of the news.
Signet Jewelers, another US-based chain, reported a 6.2 per cent increase in sales.
Tiffany & Co also released predictions for the remainder of the year, expecting revenue to increase by 11 per cent by the end of 2010.
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