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Hard Season for Luxury and Tiffany
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The nation's high-rolling shoppers, full of pent-up desire to spend, propelled luxury stores like Neiman Marcus, <A href="http://www.sterlingtiffany.com/tiffany_and_co/sterlingtiffany.com">Tiffany</A> and Saks Fifth Avenue to hearty increases last month, but over all, many merchants were disappointed by the holiday season. Store sales for last month, measured against the same stores open in December 2002, rose 3.7 percent, according to the Bloomberg
composite same-store sales index. Last year, called one
of the worst in decades by analysts, holiday sales rose 2.2 percent.
While the numbers released yesterday were better than last year's, they were less than the double-digit turnaround retailers had hoped for in September, before three major snowstorms hit the Northeast, and buyers told pollsters
there was no must-have toy or item of clothing.
Over all, while store sales were up 12.6 percent at Neiman and its Bergdorf Goodman unit, sales rose 27 percent for Neiman's online and catalog sales.
Analysts said that, despite some disappointing results, retailers' profits might have risen nicely during the holiday period when the final accounting was complete. Earnings statements will be released next month.
- This page was last modified 03:31, 9 November 2009.
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