Goldsmiths sees Christmas shine
Jewellery chain plans 10 new stores
December 26 2003
Goldsmiths saw sales grow by 10.5 per cent in the four week run-up to Christmas Eve, with like-for-like sales up 6.9 per cent.
The UK specialist retailer of jewellery and watches, which operates 166 branches, saw total sales increase by 8.2 per cent in the year to 24 December. Like-for-likes grew by 6 per cent across the year. basis compared to last year.
The year saw Goldsmiths open new stores in Birmingham Bullring and East Kilbride, along with a second store in Trafford Centre Manchester
Goldsmiths chairman and chief executive Jurek Piasecki said: “Christmas proved to be a challenging period for the retail sector and we are therefore pleased by our overall performance, which shows the resilience of the Goldsmiths brand. Once again, Christmas came very late.”
Sales in south were more last minute than in the north, and the group said performance at its Central London and City stores were slower than expected. Overall, there was stronger demand for upmarket items, but sales of lower priced gold jewellery were “disappointing”.
A trend towards seeing watches as fashion accessories boosted sales of brands such as Tag Heuer, Emporio Armani, Breitling and Raymond Weil, but Piasecki said “Rolex sales slowed a little over Christmas following tremendous gains throughout the year.”
Sales of branded jewellery as Gucci and Armani, along with Goldsmiths own White Fire sterling silver and diamond collection, were also strong.
Goldsmiths has announced plans to open up to 10 new stores during the year as well as to launch new product ranges. A new corporate identity will also be rolled out to stores.
There are plans to extend its exclusive giftware range, as well as a new range of 18 carat gold jewellery which Piasecki said: “We believe will attract wide interest and lead to a recovery in this aspect of our business.
“Our performance to date gives us confidence in the strength of our business and we have the resources in place to expand the business and increase our market share.”
Founded in 1778, Goldsmiths went private after an MBO in 1999, Goldsmiths is one of the largest privately owned retailers in the UK.
