Claire’s drives European recovery
Same-store sales growth strong
Accessories retailer Claire’s is seeing the benefits of a drive to revamp its European stores, most of which are in the UK, to bring them more in line with the US offer.
Claire’s has reported comparable store sales for the four weeks to October 30 up by ten per cent year on year, with total sales up 11 per cent to $91.9m.
In the Claire’s North America business comparable year-on-year sales grew in the positive high single digits, while Claire’s International saw growth in the postitive mid single digits. The Icing by Claire’s chain reported positive mid teens growth.
Bonnie Schaefer, co-chairman and co-CEO, said: “As we report our sixth consecutive month of positive comparable store sales results for our international division, there is no doubt that progress is being realized. The international operation consists of our stores in the United Kingdom, Ireland, France, Switzerland, Austria and Germany.
“Over the past year, we have focused on a variety of initiatives. The most significant has been to bring our inventory more closely in line with that found in our North American stores. Equally important is the fact that we have been increasing the jewelry selection abroad. These collective efforts, which are still underway, have led to measurable improvements in our performance.
“The positive results support our belief that Claire’s European customers are, for the most part, interested in the same fashion trends as their North American counterparts. Regional differences will never be ignored, but the popularity of major trends spreads throughout the world more quickly than ever before.”
Marla Schaefer, co-chairman and co-CEO said: “October is typically a transition month, as the frenzy of back to school shopping dissipates and the excitement of shopping for the holidays has not yet begun to build momentum. This is also a time of year when we are facing difficult year over year comparisons.
“As we head into the fourth quarter, we believe we have a tremendous assortment of the latest jewelry and accessory offerings in both our Claire’s and Icing by Claire’s stores and that we are positioned to offer our customers unparalleled selection and value during the crucial holiday selling season.”
