Goldsmiths searches for seasonal sparkle
Retail jeweller reports flat like-for-likes
December 27 2002
UK jewellery retailer Goldsmiths has to wait until the last minute for a spending burst that put its pre-Christmas trading into positive growth.
A late rally by consumers saw the 162-store, privately owned chain increase total sales by just 1.1 per cent in the four weeks to Christmas Eve, with like-for-likes flat. Total sales for the year to December 24 were 4.8 per cent up on 2001 with like-for-like growth of 4 per cent.
Goldsmiths’ Chairman and chief executive Jurek Piasecki said: “The year started strongly but slowed in May and this continued through the course of the year. November was disappointing with sales being fractionally down on the previous year.
“December started very slowly but, with a late rush on the two days before Christmas, much of the deficit was clawed back. Geographically the London area performed worst with the M62 corridor performing best and both sales volumes and average prices were in line with last year.
“In view of the last three years very strong like-for-like performances, up 47.3 per cent over the 3 years, we consider this year’s result to be extremely creditable in a tough retail environment.”
The 225-year-old Goldsmiths chain has grown strongly since a management buyout in 1999, backed by Alchemy partners. The business is one of the UK’s largest privately owned retailers and its largest distributor of brands including Rolex, Cartier, Ebel, Omega and Tag Heuer.
